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Life Settlement
Educational Information
Welcome Funds has compiled every term, phrase & definition related to life settlements. Have more questions? Call us toll-free at 1-877-227-4484 or complete our Quick Online Qualifier to determine your eligibility.

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DEFINITION OF LIFE INSURANCE POLICY

A binding, legal agreement between a policy owner and a life insurance company, where the life insurance company agrees to pay a death benefit to the beneficiary of the policy as long as the policy owner continually pays the agreed upon premiums. The contract will also describe all additional terms and provisions. The most common types are universal life, term life insurance, and whole life.

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Related Pages: Term Life Insurance, Universal Life Insurance, Whole Life Insurance