If you’re considering cashing in your life insurance policy, it’s important to know your options. You can sell your life insurance policy through a life settlement or viatical sale; however there are downsides to that. There’s also the option of taking out a loan for a percentage of the value of the life insurance policy, which offers a lot of benefits.
There are other options for cashing in your life insurance policy. You don’t have to sell your policy in a life settlement or viatical settlement. A lot of terminally ill people opt to take out a life insurance loan or borrow money against their life insurance policy, which offers a lot more flexibility.
Though both a viatical settlement and borrowing against your life insurance policy can provide you with the money that you need for medical expenses, living expenses, or even to use for other reasons such as vacations or gifts to loved ones, there are important differences that you need to understand.
*Because each individual situation is unique, we recommend you speak with your legal, estate or tax planning advisor.
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