Washington Life Settlement
Washington life settlements have been growing in the state for some time. More and more, people are beginning to see the benefits that can be gained from this kind of life insurance settlement. However, Washington is still one of the the few states that does not regulate the use of life settlements, requiring neither licensing for brokers or settlement providers. Only viatical settlements, where the policy owner is chronically or terminally ill, require these licenses.
There are many other factors to think about if you are considering selling a life settlement in the state of Washington. The concept of selling a life insurance policy to a life settlement company is new in many areas of the country and states have handled this in a variety of different ways. The state of Washington has been at the forefront of this new industry by being the nation’s first state to provide a meaningful level of consumer protection. In Washington, new laws require that the owner of a life insurance policy be informed of other options available when the policy is being surrendered or allowed to lapse. The option of selling the policy to a life settlement company can provide a much greater benefit and the mere surrender value, usually several times this value.
Other states are following suit by proposing similar bills and legislation in order to protect consumers in this complex industry. Washington has provided a high bar for other states to follow in these aspects, but still needs to review its licensing practices involving life settlements. When you know longer feel you have the need for a life insurance policy find out about the current developments surrounding Washington life settlements.