Your Life Insurance is a Financial Asset That You Own
A life insurance policy that has been sold is referred to as a life settlement. Similar to a reverse mortgage, a life settlement can be an extremely valuable tool for seniors looking for additional financial resources in retirement. Just like any other asset you own, your life insurance policy can be sold* to a third party for more than surrender value but less than face value (the death benefit). As a result, you can use the proceeds for the things that are important to you, like travel, paying off debt or gifts.