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A life settlement is the sale of your life insurance policy to a third party for less than the full death benefit. The buyer becomes the new owner and/or the beneficiary of the life insurance policy, pays all future premiums, and collects the entire death benefit when you die.
Be wary, also, of offers to loan you money to buy life insurance. For example, someone may offer you “free life insurance” for five years. Find out what strings are attached.
What happens after the five years? Will you have to repay the loan with interest to keep the policy for your beneficiary? If you can’t pay back the loan, will someone else own your life insurance and get the death benefit?
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