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- Ways you can use your life insurance for a cash settlement
- February 25, 2010 8:08 PM
Given the many problems that could befall you in life, there may be occurrences when you consider selling your life insurance policy. For example, California Department of Insurance (CDI) notes that people who do not have disability insurance and are out of work could end up burning through their savings accounts. If you find yourself in this situation, you may consider selling your life insurance in order to help make ends meet.
According to CDI, cash settlements for life insurance can help provide for the following:
• Continuing health care
• Bills or debts
• Making up for lost income
• Keeping up with a certain quality of life
• Financial independence
Still, you want to be careful when deciding whether to sell your life insurance policy. Doing so could put your family’s financial standing at risk if you die. Furthermore, depending on your age and other factors, it may be difficult to get a life insurance policy in the future.
Recent reports also have revealed that the market for selling life insurance may open consumers up to fraud.
This article was originally published by Life Quotes, Inc.
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