Whole life policies are very common but can be difficult to sell. However, if you’re living with significant health impairments, you can likely sell your whole life policy for a single cash payment. Get a quote before allowing your policy to lapse.
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With most Whole Life insurance policies, there's no option to pay less unless using dividends to lower premium payments.
Getting a life settlement on whole life insurance can be difficult. As the cash value of the policy increases, a life settlement makes less financial sense for life settlement providers.
Whole Life policies are most likely to qualify if the policy holder is facing significant health challenges. Policyholders facing terminal illnesses are encouraged to apply.
Very few insurance policies actually pay dividends. The policies that do pay dividends typically have an annualized return of about 2%. Many certificates of deposit pay out between 2-3% of the principle, if you don’t consider taxes. Even if a dividend were included, it would not likely cover the cost of monthly premiums,
The amount of money received in a whole life insurance settlement or viaticals depends on the face value of the policy, life expectancies, policy premiums, death benefit amounts, and more.
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