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Monetize life insurance policy with a life settlement: NYT 2010-03-04 Life settlements are an option for older people who don't expect to pass along their life insurance policy to heirs, the New York Times reported Wednesday. Some people take out settlements to make use of an insurance policy they no longer need; others count on the income that settlements provide to pay medical bills or long-term care expenses. As the financial instruments - which grant older people a cash payout for their life insurance policy - have risen in popularity in recent years, the Times noted, new state-level regulations have sprung up. Settlements are regulated by state insurance departments - and because rules differ from state to state, it's smart for a prospective settlement customer to do his or her homework before applying. Also, financial planner Jonathan D. Pond cautioned, life settlements aren't the best option for everyone. Again, people should research settlements with a trusted source of information like Golden Gateway Financial. And even people who determine that a life settlement is worthwhile shouldn't take the first offer they get, author Gloria Grening Wolk said. Prospective buyers should comparison shop to ensure they are getting the best deal.  |
