Do you know what is Life Settlements? Well, if you don't know, then, do read what they explain. In brief, it means the older folks who have life insurance but are tired of servicing it further have the options of cashing it out for a lump sum of money.
At first, I thought that this may not be a great idea because they may lose their money and they won't have any coverage. However, what if they are already rich and have kids to take care of them? Why would they still continue to pay for their insurance which they probably don't need anyway.
So, that's what Life Settlements are for. So, the benefit is insurance settlements offer policy owners an immediate and significant lump sum payment and relieve them from the burden of paying future premiums.
That way, one can sail into their old age with no more needs for payment of future premiums.