Pennsylvania Life Settlement
Everyday more seniors are finding the benefit behind Pennsylvania life settlements. This process can provide another option if considering surrendering or allowing a life insurance policy to lapse. Many who assume this is the only choice when discarding a life policy, are unaware of the extra value that is waiting to be discovered through a life settlement. Though this practices an in-force life insurance policy is sold to a life settlement company at a fair market value which is much greater than the mere surrender value. This new found asset can then be used to pay for more immediate senior care needs. It is essential to know all of your options in the state of Pennsylvania before deciding which course of action is best for you.
The diversity in the ways states have chosen to handle life settlement is profound. Some states still have no regulations surrounding this practice, with no licensing requirements for financial institutions. Pennsylvania has elected to provide consumer protection by requiring that both providers and brokers obtain state licensing. In additions, most states compel licensed providers to get regular training on the changes in regulations of their state. This can ensure that when entering a life settlement agreement that the company you are working with will have all the latest information to help you make the best decisions.
Difficulties in paying for the cost of senior care can happen for a variety of reasons. Even with a well planned retirement, the unexpected can change priorities overnight. The sudden need for long term care can put large pressures on what is usually already a fixed income. If you find yourself in this kind of situation and you have considered getting rid of your life insurance policy because you can no longer afford, do your research. A life settlement will provide a much greater value than simple cash surrendering value the policy.