Most states have guidelines regulating life settlements in order to protect transactions by senior citizens. However, earlier this year, bill SB 445, sent to the legislature in effort to regulate Alabama life settlements failed when the legislative session ended on April 22. This means Alabama is one of just a few states that has no laws regulating the life settlement industry.
Sen. Bobby Singleton sponsored the bill which was favored by the life settlement industry. It was based on legislation by the National Conference of Insurance Legislators (NCOIL) that would allow new policies to be sold after two years. Ragan Ingram, chief of staff for the Alabama Insurance Department, had previously said there was significant opposition to the Alabama Life Settlement bill and did not feel as if it would pass.
If you are a senior citizen of Alabama click on the LIVEpdq link at the top of this page to learn more about a life settlement transaction in your state. We can give you an estimate of your policy or you can request to have one of our staff members contact you for additional information regarding an Alabama life settlement.