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In other words we can say a life insurance settlement is a certain kind of financial deal where the policy owner transfers a portion or all their life insurance policy to a third party for a certain cash value. Usually, this transfer will be made since the insurance companies will not offer them the cash that they can get from a third party.
Suppose a senior citizen is in need of money for any emergency or whatsoever, then he/she may enter into a contract for senior life insurance settlement with the institutional settlement funder. The funder will pay the amount which indeed is higher than that the policy owner would receive by surrendering the policy to the insurance company.
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