Viatical Settlements, Or Life Insurance Settlements

When I first heard of viatical settlements, or life insurance
settlements, I shuddered at such a dastardly idea. I even
put into words my deep feelings. You see I spent many years in
the life insurance business and have seen the product work for
the betterment of so many. I could not conceive of a pleasant
result when one deprives the beneficiaries of what was due them.
I guess I had not given the idea much thought, thus my extreme
response.

Although I still do not feel it right to deprive beneficiaries
of their life insurance proceeds so that an insured can get his
or her hands on the proceeds of policies during their lifetime
through life insurance settlements with investors, after much
study and deep thought I can only conclude that there are
situations where this is, not only justified, but is absolutely
necessary.

If you bring into the picture the unfortunate person who is HIV
positive or has developed full blown AIDS and are desperately
doing everything they can just to stay alive with these
extremely expensive drugs then you will, like I have, learn to
appreciate the need for life insurance settlements.

Some people have no cash value life insurance they can borrow
from; no nest egg they can draw on. All these people have is
their life insurance policy. They therefore sell their policies
to the highest bidder. They get 50% to 60% of the face amount of
the policy which they use to pay for treatment and for the drugs
they need to keep themselves alive.

Let us not elude ourselves that it is only people with aids who
need life insurance settlements. There are certain cancers,
heart, liver and kidney conditions that can devastate our lives
and put us in a financial quandary. I am sure there are many
more illnesses that I have not even thought about. I therefore
conclude, because I am now more informed, that life insurance
settlements can truly be necessary and that when people take
this path it must be with great reluctance and heartbreak.