Life Settlements Alaska
Alaska Life Settlements
Alaska life settlements are regulated by the state’s insurance department. Alaska is a state that has enacted laws to protect their resident seniors thinking about an Alaska life settlement. There are severe penalties for purchasers who fail to fully inform the client on the nature of their policy and resulting settlement. All transactions must be performed or supervised by a legally registered purchaser, specifically licensed in Alaska life settlements.
A provider should then also inform you about Alaska life settlement alternatives in the secondary market. Many of these options are based on the available cash surrender value and a life settlement is the preferred transaction for many clients with a continued life expectancy of over twenty-four months.
With an Alaska life settlement, you are granted an amount of money greater than the cash surrender value in your policy, but less than the full face amount of the death benefit. This money is rewarded to you after selling, reassigning or transferring your policy to a life settlement provider. Your selected life settlement company becomes the new policy holder and beneficiary of the policy and is responsible for all impending payments as well as becoming the receiver of any death benefits.
Alaskan state regulation states that the licensed purchaser must pay all proceeds to an escrow or trust account which is insured by the Federal Deposit Insurance Corporation within three business days once the policy purchaser’s receives all the formal documentation in regard to the policy transfer.