life settlement
- A deal where the owner of a life insurance policy, typically a senior citizen, gets paid less than the expected death benefit in exchange for giving the death benefit or policy ownership to another party, often a company that specializes in these transactions
- The senior citizen opted for a life settlement due to her urgent financial needs.
- A company specializing in life settlements bought the insurance policy from the retired individual, providing him with immediate cash.
- The life settlement provided the policy owner with funds which he invested in his family business for expansion.
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