life settlement

Definition of "life settlement"
  1. 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
How to use "life settlement" in a sentence
  1. The senior citizen opted for a life settlement due to her urgent financial needs.
  2. A company specializing in life settlements bought the insurance policy from the retired individual, providing him with immediate cash.
  3. The life settlement provided the policy owner with funds which he invested in his family business for expansion.

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