Tennessee Life Settlement
Using a Tennessee life settlement is probably easier than you would think. Everyday more seniors in the state are finding out how to use the hidden value of their life insurance policies. With the right knowledge on how a life settlement works, a new set of options to fund senior care expenses will emerge.
The influx of baby boomers reaching the age of retirement has added a new set of challenges to both states budgets and that of consumers. Even with the most careful planning not all future costs of care can be accounted for. When an unexpected medical condition or need for care arises, a new set of priorities and type of care can quickly become necessary. Often the need and additional cost for this care will bring on the requirement to qualify for Medicaid. The necessity to apply for Medicaid will usually require that a life insurance policy owned by the applicant be surrendered before coverage can begin. A life settlement can bring a much larger value from the policy than the mere cash surrender value, usually several times more. This new asset can then be used to delay going onto Medicaid with the funds available to pay for the kind of care that the owners sees fit.
Tennessee, like other states, has it own regulations in the use of life settlements. State guidelines designed to protect consumers insist on licensing requirement for the provider and the broker. This can help to make sure the life settlement company that you are working with will be informed of the latest developments concerning senior care financing in Tennessee.
It is important to be aware of how your state has decided to handle the changing issues surrounding life settlements. If you find yourself in the position of needing to fund the cost of senior care more than holding on to a life insurance policy, explore your options in using a Tennessee life settlement.
Tennessee Department of Commerce and Insurance homepage