Wyoming Life Settlement
Wyoming Life Settlements
Life settlements in Wyoming are being talked about more and more these days, but some people are still unclear about how they work. The benefit of a life settlement usually come when individuals begin to have trouble keeping up the cost of senior care expenses. Many times the need for senior and long term care requires that you qualify for Medicaid, which will usually force the owner to give up their life insurance policy because its asset value. When this happens most assume that the life policy is not worth more than the small surrender value. However, with the use of a life settlement you can sell your life insurance policy for a much greater value.
If considering a Wyoming life settlement there are a few things that you should consider. The department of insurance in Wyoming still does not regulate life settlements. This is mostly due to the fact that this is a new concept in the state and has had relatively few issues thus far. However, regulations regarding life settlements are changing constantly from state to state and the current level of this in Wyoming is likely to change as the practice becomes more widely used. The regulation that do exist involving life settlements include the requirement that the policy needs to be at least two years old. The owner of the policy also needs to be over 65 years old with a health requirement that makes a life settlement a useful option.
If you are interested in pursuing a life settlement in Wyoming, the use of a broker can provide answers to many of the questions you may have. A broker can help you determine how a life settlement can most benefit you and your loved ones.