A Life Settlement allows an individual age 70 and older to turn their life insurance policy, into cash. A life settlement may be considered when premiums become too expensive, a new and more affordable life insurance policy is being considered, there are changes in trust, tax or estate planning, beneficiaries are self sufficient or for many other financial reasons.
Quite often, a life settlement may be the wisest and most ideal financial option. Due to the complexity of individual state laws, we ask that you contact us, in confidence, to discuss your specific situation.
Viatical Settlements enable an individual with a terminal illness to sell their life insurance policy for an amount that is less than the policy benefit. Due to the complexity of individual state laws, we ask that you contact us, in confidence, to discuss your specific situation.
Texas Passes Nation’s First Life Settlement Medicaid Law 06/2013
Texas Governor Rick Perry signed the new Life Settlement Medicaid Law which allows Medicaid applicants to transact a Life Settlement and apply the Settlement proceeds to long term care services while maintaining their Medicaid eligibility.
This new law eliminates the need for consumers to lapse or surrender their life insurance policies in order to apply for Medicaid benefits. Previous to the new law, seniors applying for Medicaid were forced to spend down their life insurance cash value, prior to qualifying for Medicaid.
Historically, a Life Settlement transaction can provide a more significant dollar cash settlement than surrendering the policy back to the carrier for the cash value. Similar bills have been filed in California, Kentucky, Florida, Louisiana, Montana, North Carolina and New Jersey. For more information contact Ardan Settlement Group, LLC.
How does a Settlement work?
Life Settlement Group
Ardan Settlement Group
New Jersey 732.855.0670
Professional inquiries always invited