LIFE SETTLEMENT GLOSSARY EXAMPLE

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MALE - Age 69
$500,000 10 Year Level Term
  • $1,985 Annual Premium
  • $13,882 Conversion Annual Premium

Life Insurance Settlement Amount of $16,500

A retiree was about to drop his expiring term policy when he discovered it could be converted and sold using a life settlement. As a result of the sale, he recovered most of the term premiums he had paid over the past ten years and used the proceeds to offset the cost of an extended tropical vacation.

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J

joint and survivor annuity
An annuity covering two lives (usually spouses) with income payments that continue until both lives have ended.
joint and survivorship life insurance / last survivor life insurance
A life insurance policy covering two lives with death benefit proceeds payable when both live have ended.