Life Settlements - Becoming A Way Of Life?
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The old adage, " Find a need and fill it ", certainly holds true today for the rapidly growing arena of life insurance settlements. Part of the segment of the particular industry as a whole known as "structured settlements", that deal with this basic idea: an entity,usually an individual,may have won millions of dollars in a lotterry,been awarded a a large judgement, have any kind of right to an asset that is or will be paid out in an income stream rather than a single lump sum amount, can be a candidate for a buy out. In this case we are specifically talking about life insurance. As an example, the "viatical settlement"came about almost two decades ago when say a person diagnosed with a terminal illness such as AIDS, and deemed to have a life expectancy of no greater than three years, as determined by qualified medical and actuarial professionals, this individual may own some type of life insurance that becomes an asset of great attention. The terminally ill person may have no one to leave the policy to, that is no beneficiary of significant need,and the owner or terminally ill personin this case,decides that he or she,wouldlike to benefit from what would be a future death benefit now himself and therefore decides to sell the right to that future benefit today,of course at a discounted amount, and pocket the money forhis or her own use now. There is an awful lot to be said about this subject so, let's continue this next time,at a later date. Meanwhile, if you have any questions about Life Settlements, or any other matters pertaining to financial planning,please feel free to contact me, Vinnie Conte at: (888) 871-8483, or e-mail vinnie@contefinancial.com, or at my Chat/Conference Room, http://contefinancial.com
Until next time,God Bless! Vinnie Conte,CFP,MSFS