Nebraska Life Settlements
Like the rest of the country, Nebraska has begun to see the advantages to seniors in the use of life settlements. Many who are looking for options to fund the cost of senior care expenses are finding this a worthwhile alternative to going on Medicaid. A life settlement all begins with finding the cash value of a life insurance policy. Most are aware that a life policy has a small cash surrender value, but some retirees still do not know that insurance can be sold to a third party like most other assets. Life settlement companies can usually offer you a lump sum cash payment that is several times the policy’s surrender value. This benefits the owner of the life insurance policy by allowing this asset to be used to fund long term care and other senior expenses as they see fit, delaying the need to go onto Medicaid.
Individual states have decided to treat the practice life settlements in somewhat different ways. Nebraska has decided to offer a level of consumer protection through requiring that brokers as well as providers be licensed by the state. These requirements are designed to reduce the instances of fraud that other states have had to handle.
When confronted with the cost of senior care expenses many have ask themselves, “should I cash in my life insurance policy?” If this question has come up in your retirement plans, find out how your life insurance can provide a steady stream of income that you may not have known existed. Do your research from trusted sources to determine if a Nebraska life settlement can benefit you.