Michigan Viatical Settlement
Michigan life settlement transactions are considered securities products by the state of Michigan. A Michigan life settlement transaction takes place when a life insurance policy holder sells their unwanted, unneeded or unaffordable policy death benefit to a third party individual or provider group.
A Michigan life settlement application asks agents to consider variable factors for their clients such as age, current financial situation and their potential financial goals. If all qualifications are met, a Michigan life settlement can be an outstanding benefit for a policy holder looking to increase their immediate income. Life settlement offers have the potential to be significantly larger than the cash surrender value of the original life insurance policy.
A Michigan life settlement is one of the few left that is yet to be regulated by the state. In the state of Michigan, it is not mandatory for the agent performing your life settlement to not acquire any special licensing or have any specific training. This being the case, the policy holder should always research and verify that the broker is using only reputable life settlement companies to ensure the safety of their policy as well as the protection of their personal medical and financial information.