The life settlement market is broken up into two different sectors of business each with their own target clientele. The first of which is life settlement agreements, these agreements target high net worth individuals that are policyholder’s of no longer needed life insurance policies. These individuals would hire multiple brokers to sell the rights to be the beneficiary to a third party. The individual will get a significantly greater amount of cash than if they were to use the cash surrender.
The second side of life settlement market is called viaticals, these agreements gear toward those that are chronically or terminally ill. The settlement market has expanded into these areas in order to provide those in need of funds in order to pay for medical bills the opportunity to have access to them.
The two areas make up the primary business that is dealt with in the industry today. Both have seen an increase in volume as the industry has grown. More and more people have started turning to the life settlement market as an option.
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