Complying with laws & regulations
These protections include receiving certain disclosures about the sale of your life insurance policy and the potential ramifications of such a sale. Also, if there are intermediaries involved in the sale of your policy (these individuals or companies are called “brokers”), most states require the broker to disclose the amount of commission you will be paying them for assisting with your life insurance settlement.
Even more importantly, when a company like Settlement Master obtains a life settlement provider’s license, it means that your state’s Insurance Department has thoroughly vetted us. In most states, our principals are required to fill out biographical affidavits, submit fingerprints, financial statements, and even place large sums of cash on deposit in order for us to qualify. Why? Because your state has decided that if a company like Settlement Master is going to purchase your life insurance policy, they want to know who we are. Thus, if you’re looking at selling a life insurance policy to a life settlement provider like Settlement Master, one of the first questions you should ask is, “Are you licensed as a provider in my state?”
If the policy you are interested in selling is owned by you or someone else in one of the following states, we can help. We are licensed as a life insurance settlement provider or otherwise permitted to purchase life settlements in Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Georgia, Hawaii, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Virginia, and Wyoming.
As part of our anti-fraud initiatives in the state of New York, Settlement Master participates in the New York Public Awareness Campaign offered through our trade association the Life Insurance Settlement Association (LISA). For more information please click here.
If your state is included in the above list, please call us with any questions you might have about life insurance settlement compliance or life insurance settlements in general.
Did you know?
If you are 65 or older or have experienced a change in your health condition, your life insurance policy might sell for more cash than you realize!