What's the catch with selling your life insurance policy?
Selling your life insurance policy through a life settlement involves several significant catches, including high broker commissions, potential tax liabilities on the cash payout, and the loss of the death benefit for your surviving beneficiaries. Additionally, the transaction publicly discloses your medical records to institutional investors who purchase the policy, and the ongoing policy premiums are subsequently assumed by strangers betting on your life expectancy, which raises notable personal privacy and financial considerations.
Related FAQs
Processing an insurance claim with MSIG varies depending on the specific insurance line, such as travel, motor, or home policies.
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Yes, you generally have the right to terminate your business insurance policy at any point during the policy term.
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