What are the most common ways to use the life settlement proceeds?

The proceeds from a life insurance settlement are unrestricted by nature and at the sole discretion of the individual, group or trust that sold the policy. Some of the more common uses for the proceeds are debt reduction, invest money elsewhere, buy other insurance products including other paid up life insurance policies, fund long term care services or long term care insurance, fund retirement, purchase a house, purchase an annuity, etc.