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What are the alternatives to a viatical or life settlement?

There are at least three other options.

First, if your life insurance policy has any “cash value” you may be able to borrow against your life insurance policy. The borrowing rates are typically very modest.

Second, either your policy by its terms, or more likely, your life insurer may have adopted practices (sometime called a “liberalization”) that provide an accelerated benefits option.

Third, Borrow from friends or family using the life insurance policy as collateral to secure the loan.

Fourth, you may be able to cash out your policy if it has any cash surrender value.

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