Massachusetts Life Settlements
Massachusetts’ recent legislation Act 4296 brings focus to consumer needs and safety when purchasing a Massachusetts life settlement. A life settlement is when a policy holder sells their unwanted, unneeded, or unaffordable life insurance policy. When performing one of these transactions, brokers and agents alike need to be specifically licensed and trained to meet criteria in the state of Massachusetts.
Life settlement brokers and insurance agents involved with Massachusetts life settlement transactions must formulate a plan that prevents insurance fraud that threatens their clients. This plan must be made presentable to the Insurance Commissioner along with annually filed financial statements. The process is now transparent in Massachusetts and the policy holder considering a life settlement can clearly follow each detailed action made in the process.
Not only are all documents made available to the client, but the client’s personal medical and financial information is made safe with restrictions and confidentiality clauses that are signed along with a Massachusetts life settlement. Any information filed with your licensed broker or agent in this state will be privately stored from time of application to final arrangements with your policy’s cash surrender value.