Missouri Life Settlement
Missouri Life Settlements
In Missouri, the practice of life settlements are being discussed more and more. And yet, far too many seniors still do not know about their options and potential extra income they can bring. A life settlement is a process which allows the owner of a life insurance policy to obtain the true market value of the policy. People may find they do not need their life insurance for all kinds of reasons. Some may decide that they simply have too much coverage, and a portion or the whole policy could be of better use for something else. Others find themselves to be the sole surviving beneficiary and no longer have the need for a policy. One of the most common reasons to give up a life insurance policy is to qualify for Medicaid. Medicaid usually requires the owner to discard a policy for it’s minimal cash surrender value. Though a life settlement a value many time higher can usually be gained, allowing these funds to be used as the owner sees fit.
A variety of ways have been adopted by different states in dealing with life settlements. Missouri is still one of the few states that does not require settlements to be regulated. This means that financial institutions and brokers of life settlements do not have to get special licensing from the state to sell a policy on a secondary market.
Missouri residents are beginning to see the value that can be had when they understand the options of their life insurance policies. The methods in which states are handling life settlement is changing constantly. Do your own research from trusted sources before you commit to selling your life insurance to one company or another.