Texas Life Settlements
Texas, like the rest of the country, has seen the subject of life settlements come up more and more in recent years. Consumers and state governments are starting to see the benefits in using these transactions as a way to help pay for long term care, and thus keeping people from going on to Medicaid sooner than they need to. With billions of dollars in life insurance being abandoned or surrendered every year, learning how a life settlement works can provide a greater value than you might think.
Paying for the cost of senior care is something that we all should plan for. Even when we think we have planned to have enough funding to cover these cost, the unexpected can always change the best laid plans. When these circumstances arise quick decisions will usually have to be made. In order to protect yourself and the ones you care about, it is important to have the information you need to make the right decisions. If you own a life insurance policy that you do not need or cannot afford, it is important to know the value you may find by using a life settlement.
Lately, the state of Texas has seen a lot of action surrounding the field of life settlements. A recent House Bill would allow any life insurance owner to utilize a life settlement if the policy’s face value is over $10,000. The provider as well as the broker of a life settlement agreement must be licenced by the state of Texas. Furthermore, the license must be renewed every two years to ensure that the brokers and providers stay current on the changes taking place in the industry.
Texas is a big state with big issues involving long term care and other senior care concerns. Make sure that you and your loved ones are protected by educating yourself on Texas life settlements and the benefits they can bring.