The primary eligibility for a viatical settlement is that you have life-threatening illness. Not only will choosing a viatical settlement agreement give you the money you need know, it will also provide you with reassurance that your loved ones will not have to bear the financial burden of your illness.
A life settlement, on the other hand, is geared toward healthier people who do not have a need for or can’t afford their life insurance policy. It can provide them with funds to pursue interests such as traveling in addition to money for healthcare. The minimum age requirement for a life settlement is 75. You must also have a policy valued at $150,000 or more.
When you no longer need or want your life insurance policy, selling it through a life settlement option can help to make your retirement years more financially comfortable. It can give you disposable income that you would not have had relying on your monthly social security check and retirement savings alone.