Georgia Life Settlements
A Georgia life settlement involves a policy holder with Georgia residency selling their unwanted, unneeded or unaffordable insurance policy to an individual or a life settlement provider. This source of additional income is a popular option to help fund rising medical expenses, every day living expenses and possibly assisted living expenses.
The Bill Georgia officials have passed is aiming to prevent life settlement providers from misleading or swaying policy holders with false information about life settlements. Full licensing is required to perform any services involved in the life settlement transaction, from life insurance agents to settlement brokers and providers.
Georgia life settlement regulations now include several consumer-disclosure provisions that would protect the personal information of the policy holder and keep them informed on the proceedings throughout the transaction.
Georgia life insurance policy holders with a continued life expectancy of two years or less should consider the viatical settlement option. Meanwhile, policy holders of 75 years and older with close to 19 years to live should meet most of the criteria for a traditional senior life settlement. These options provide choices for people with term insurance polices would otherwise let their policies lapse.