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What is a Life Settlement
Can I Sell My Life Insurance Policy
A life settlement is when one sells their life insurance policy to a 3rd party for an amount that exceeds the cash value of the policy (and is less than the face value of the policy).
When a policy is sold as a life settlement, the seller gets a cash payment (usually a lump sum) and the purchaser pays all future premium payments and collects the full benefit upon the death of the seller. Most states (including Florida) highly regulate the purchasing of life settlements.
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