Solving the Mystery of Term Life Settlements
Can a term policy be sold in a life settlement?
Yes! Yes! Yes!
Like a life settlement on a universal life policy, the insured should generally be age 65 or older and have had some decline in health since the policy was issued. Term policies make great life settlement candidates because of their very nature. They are typically bought for an insurance need that is temporary.
This is unlike permanent policies, where the policy owner typically has a long duration or life time insurance need. In addition, because there is no cash value when a term policy lapses, any offer that you get will certainly be appreciated.