When you have just received a serious diagnosis for a terminal illness it is important to start looking for financial assistance. If you currently have a life insurance policy, this valuable asset can be utilized to receive necessary funds. Selling your life insurance policy is considered to be a life settlement transaction. A reputable financial assistance company may offer to buy your life insurance policy. They will then analyze your insurance and medical records, consider premium payments, and make an offer to purchase your policy for a smaller percentage of the current death benefit. This gives you a one-time payment for transferring the ownership of your policy over to the company. This in turn gives them the full rights to the death benefit when you pass.
You Don’t Have to Sell Your Life Insurance Policy
Even though you need money to help support yourself and your family, there are other options to consider that don’t include a life settlement. Another option which tends to be more fitting is to seek an advance against the face value of your life insurance policy. This allows you to retain the value of your policy while also being able to pass it on to beneficiaries. This type of advance does not require to be paid during your lifetime either. Instead repayment, all costs, and interest and fees are paid out of the actual death benefit. Funds that are left after you have passed will continue to be passed on to the beneficiaries. This is considered to be funds for living and giving and it makes this type of program impactful and unique for people who qualify.
The Difference Is Beneficial
The difference between a life settlement and funds for living and giving includes beneficiary support that would not otherwise be given if you were to sell your life insurance policy. A funds living and giving program provides two separate payments, one to your loved ones later, and one that you can use right now. You can enjoy the financial benefit of a funds living and giving program when you work with experts ready to assist you today.
