Louisiana Life Settlements
Louisiana life settlement transactions involve the transfer of an unwanted, unneeded or unaffordable life insurance policy from the policy holder to an individual provider or a life settlement company. The newest laws and regulations enacted by the Louisiana Department of Insurance form guidelines that should be followed closely by the life settlement broker or cooperating life insurance agent. Proper licensing that is specific to Louisiana life settlements is necessary to proceed with any action in the state.
Recently, Louisiana life settlements have been altered to further protect the policy holder’s personal financial and medical information. Licensed brokers and agents must make all transactions transparent and understandable for the policy holder. An anti-fraud plan that many state legislatures are adopting must be formed and presented to the Louisiana insurance department to reduce the risk of mistrust in the industry. Should these plans be violated, a back up plan of proper report of fraudulent accusations must be filed as well.
Many people haven’t heard of the Louisiana life settlement option, but it is gaining attention and specificity. Some states are requiring life settlement brokers and agents to inform policy holders considering a lapse or surrender in policy of the secondary market and the benefits that follow.