Montana Life Settlements
A growing number of Montana seniors are learning the advantages to be gained by using a life settlement. These agreements offer a way to find cash in your life insurance and brings new ways to fund retirement cost. Still, many have not heard about the options this can generate, especially when facing tough long term care decisions.
When seniors find themselves with a greater need for senior care funding and less of a need for an in-force life insurance policy, most will realize they need to become eligible for Medicaid. Requirements dictate that in order to be eligible, seniors must surrender their life insurance for the minimal cash value of the policy. A far greater value for the policy can be found through selling the policy to a life settlement company for the fair market value, usually many times the surrender value. The asset from the insurance policy can then be used to fund senior care needs such as long term care, nursing home and even in-home care.
States have picked a range of different approaches in how to handle the growing use of life settlements. While some state have chosen to leave them unregulated, Montana has opted to protect consumers by requiring state insurance licensing from both the purchaser and the broker of a life settlement.
If you too are having trouble the increasing cost of senior care bills, you may have wondered “can I cash in my life insurance policy?” With a life settlement you can sell your policy and probably for a lot more than you thought. Do your research from sources you trust for before making a decision.