Kentucky Life Settlements
Kentucky Life Settlements
A Kentucky life settlement involves the sale of an unwanted, unneeded, or unaffordable life insurance policy by the policy holder with residency in the state of Kentucky. The transaction should be at least two years after the policy’s issue date and the policy holder at least 65 years of age with a significant decline in health since the policy’s original issue date.
When a policy holder is thinking about the life settlement option, they need to be sure they are talking to a specifically licensed Kentucky life settlement broker. Kentucky is among many states that have mandatory licensing for any life insurance agent or life settlement broker dealing with the transaction of a life settlement.
The state of Kentucky is also one of only a handful of states that require settlement providers tell policy holders about the Kentucky life settlement option when they are deciding whether or not to surrender their life insurance policy. A Kentucky life settlement is beneficial because it has the potential to produce a large cash settlement for a policy holder with a shorter calculated life expectancy with a life insurance policy that meets specified qualifications.