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Life settlement regulation welcome, industry group says 2010-03-02 In the near future, members of the life settlement industry say, 85 percent of the U.S. population will live in states that regulate settlement issuance. It's "a very positive event," Life Settlements Institute president Brian Smith said to InsuranceNewsNet.com. While it may seem counterintuitive for life settlement issuers to support increased regulation - few bankers, for example, are gung-ho about the Obama Administration's proposals to regulate their industry more heavily - settlement issuers recognize that consumer protections are important. And when consumers are better-protected, they will be more willing to seek out life settlements - which have caught a bad rap from some groups and private interests. Older people thinking about converting their life insurance policy into cash or a long-term payout should, of course, research life settlements before pursuing one. As with any major financial decision, it's best to approach life settlements from a fully informed perspective - and with a clear understanding of the requirements imposed on applicants. Still, some older people who need cash for medical expenses or who don't want to transfer their life insurance policy to heirs may find that a life settlement fits their needs.  |
