Like most other states Alaska has laws to protect seniors considering an Alaska life settlement. Any provider who purchases a life settlement policy in Alaska must be licensed prior to the start of any transaction. Also, regulation states that the purchaser must pay all proceeds to an escrow or trust account which is insured by the Federal Deposit Insurance Corporation within three business days once the policy purchaser’s receives all documents regarding the policy’s transfer.
An Alaska Life Settlement is the sale, assignment, transfer, or bequest of the death benefit or ownership of a life insurance policy by the owner of the policy where the insured does NOT have a catastrophic or life-threatening illness or condition. Typically, the owner of the policy receives cash (generally an amount greater than the cash surrender value in the policy, but less than the full amount of the death benefit); and the life settlement company becomes the new owner and beneficiary of the policy and is responsible for the payment of all future premiums. Upon the death of the insured, the death benefit is paid to the life settlement company.
An Alaska Life Settlement is overseen by the Alaska state insurance department. Not all states have yet passed regulation specific to conduct business in the life settlement industry, as regulation comes up in states we operate in, we will always go above and beyond applicable compliance to ensure the safety of our clients and partners.
Don’t just trust anyone to provide you with the most accurate information regarding an Alaska life settlement. If you are a senior citizen over age 65 with a life insurance policy living in Alaska or in another state and would like to see how much you can get for your life settlement, click on the LIVEpdq link at the top of this page for a quote on your policy. You can also request that one of our professionals contact you with additional information regarding a life settlement.