New Mexico Life Settlement
New Mexico Life Settlements
Life Settlements in New Mexico are still an undiscovered resource to some, but many are starting to see why this is such a growing industry. It all starts with realizing that an unwanted life insurance policy has a far greater value than you may think. Most assume that getting rid of a life insurance policy will yield no more than the relatively small cash surrender value. Through a life settlement, a fair market value can be attained by selling the policy to a third party financial settlement company. The funds from this transaction can be used to pay for the kind of care you would like, including home care, assisted living and even nursing home care. A life settlement can also allow you to stay off of Medicaid longer, expanding your range of care options.
Not all states treat the use of life settlements in the same way. In New Mexico there are currently no regulations regarding this type of transaction, requiring neither the broker or the provider to obtain a special license. Only viatical settlement companies have licensing requirements that pertain only to those with very limited life expectancies.
The regulations involving life settlements are changing pretty fast these days. Make sure you research the possibilities your life insurance holds from sources you trust. Knowing your options will offer the best protection you can have.