Life Settlements Colorado
In the newest trend sweeping across the nation’s insurance industry, Colorado life settlement regulations have been filed in order to protect life insurance consumers from falling victim to fraud. A Colorado life settlement, similar to the viatical settlement option, is where policy holders sell their life insurance policies to an individual or a company.
Colorado life settlement licensing requirements have been changed and made more efficient to provide each client seeking a life settlement with a properly licensed broker. Colorado also has set mandatory education requirements for settlement brokers and insurance agents in order to keep an up-to-date license for the state. Protection against the fraud that once made policy holders weary is ensured. Agents and brokers will now fully inform and assist you until your life settlement needs are met.
The official regulation in Colorado has also been formed to prevent stranger-oriented policy transactions for the purpose of a quick financial return, in terms of a death benefit, for the insured deceased. These regulations are now being strictly enforced by the Colorado Department of Insurance.
Many Colorado policy holders were given an amount of cash close to their policy’s cash surrender value for their policies due to the new regulations in the industry. Colorado life settlements are a preferred option for those opposed to letting a policy that has been consistently paid lapse.