Life Insurance Settlements

Posted by: matthew

A new Washington State consumer law has passed that requires life insurance companies to inform their policy holders that they have a legal right to a life insurance settlement. This new law applies to all Washington State residents who hold life insurance policies. The law states that policy holders have the legal right to sell thier policy through what is called a “life insurance settlement”.

The reason for the new law is that research shows that 90 percent of life insurance policies are allowed to lapse or are surrendered for little to no cash value (this means that the insurance companies are cancelling the policies and giving nothing to the holder who has done all of the paying). As a policy holder you may sell your policy through a life settlement and can recieve up to 500% more than the cash value!

The law also forbids the Insurance company from interfering with the settlement. Currently the law has only been passed in Maine and Washington but is being looked at closely by other states.

Life settlements are a great option for seniors and baby boomers who are facing financial challenges because of our economy. Selling a policy can help pay for things such as senior home care, assisted living facility care, and senior housing.

If you would like to learn more about life insurance settlements you can always call us at 1-866-273-2995, visit our Senior Home Care Agency Directory, or fill out this simple online form. Get Help Now!

Article by Michael Drake of All Valley Home Care. All Valley provides senior home care services in Spokane, Washington.