Oklahoma Life Settlements
Oklahoma resident have more options than they probably think when it comes to life insurance and the practice of life settlements. Many still do not know about this procedure even though Oklahoma was one of the first to provide legislation outlining the use of this process. A life settlement uses the fair market value of a current life insurance policy to fund senior care needs. This can be a much more helpful option than to simply allow the life insurance to lapse or using the small cash surrender value. Oklahoma residents can sell the life policy for much more than the surrender value and use this new asset to pay for retirement needs in anyway they see fit. This can also be a viable option when confronted with the need to go on Medicaid. The state will usually require that a life insurance policy be surrender or abandoned before you can qualify for this program. By using a life settlement, going on Medicaid can be postponed and this new source of income can pay for a variety of types of care, including at-home nursing care. It is important to know the different choices you have before deciding how your life insurance can best help you.
States have each opted to regulate life settlements in their own way. Some have chosen to not regulate financial companies at all in this practice. Oklahoma has chosen to help shield consumers from fraud by requiring that life settlement companies and brokers both get state licensing. This can aid residents by ensuring that life settlement providers have the best information that is possible when entering this kind of agreement. Having the right knowledge can make all the difference when using a life settlement. If you no longer have a need for your life insurance policy, find out what else it could be doing for you.
Oklahoma Department of Insurance homepage