New Hampshire Life Settlements
New Hampshire Life Settlements
New Hampshire life settlements are in demand like never before. When people find out there are ways to find cash in their life insurance policy, this offers a new opportunity to pay for the needs of elder life care. The practice of engaging in a life settlement begins with realizing that there is a better option than settling for the mere cash surrender value in the policy. By using life settlement companies you can shop around to find a fair market price before cashing in your life insurance. This can allow you to decide how to spend your money on the type of senior care you would like instead of having to go on Medicaid prematurely.
Not all states have decided to treat life settlements in the same way. Some states have licensing requirement for providers and brokers in this process. New Hampshire has decided to keep life settlements unregulated at this current time. This puts no restrictions on financial companies or agents from selling life insurance policies to third parties. However, New Hampshire does restrict the use of life settlements in other ways. A life insurance policy must be owned for at least five years before it can be used in a life settlement, to the benefit of the insurance company. Most state have only a two year waiting period giving seniors more options when they need it. Exceptions to the five year waiting period do exist for instances such as the death of a spouse or a chronic illness.
Regulations for life settlements in the state of New Hampshire are changing all the time. Citizen and lawmakers looking to make these changes are seeing the benefit in being able to use a life insurance policy as the owner sees fit. If your are interested to find out what a life settlement could do for you, do your research from trusted providers. Having the knowledge of how these transactions can benefit you is all part of protecting your retirement plans.