Virginia Life Settlement
Virginia Life Settlements
Many Virginian seniors looking into the use of a life settlements find themselves in the uncertain position of not being able to afford the cost of continuing to own life insurance policy. Premium payments have become too costly for one reason or another, leaving only the option of allowing the policy to lapse. For this reason Life settlements are an important new part of funding the cost of senior care in Virginia as well as other states. States as well as individuals have found the benefit in using this kind of plan to avoid having to go on Medicaid. However, states have differed in how they are treating life settlement by employing different kinds of regulation and licensing requirements for those involved. In order to use a life settlement a Virginia resident must have had a life insurance policy for 2 years and be at least 65 years old. On the providers side, both life settlement brokers and providers must obtain licensing to engage in this kind of transaction. This can help the consumer by ensuring that the company providing the settlement is up to date on the latest developments in this industry.
There are many reasons a Virginia life settlement can provide benefit to your senior care needs. Some find that their life insurance policy provides more coverage than is needed. Others no longer have the need to use a life insurance policy because they are the sole surviving spouse and the death benefit isn’t required. Some simply have found a better use for the value of policy, such as putting it toward other investments or gifting it to heirs. More commonly the benefit from a life settlement is used to pay for the cost of various medical needs such as long term care.
If you are a Virginia resident that would like to find out what your life insurance policy can do for you, do your homework and explore our variety of trusted resources. A Virginia life settlement may provide the extra income your are looking for just when it is needed most.