Arizona Supreme Court Decision a Win For Life Settlement Industry
Good news for Arizona clients and their advisors - the Arizona Supreme Court supports life settlements. Life settlements are already legal in all 50 states, so why is this important?
This recent article in Life Risk News got my attention because I asked myself this exact question before I read it. This case does not involve any issues with the clients of life settlements transactions, i.e. clients selling their policies.
That is absolutely legal, and regulated, and clients received their money. However, what it does show is that some insurance carriers are trying to argue about insurable interest and the contestability period of policies, many years after policies were issued - refusing to pay claims for some life settlement transactions. One by one, court decisions in states support life settlements, and Arizona is the latest one.
Why is this important? Because the ruling supported the investors in life settlements; therefore, it supports clients (and their advisors) in a big way. If investors know that carriers are precluded from later challenges, their risk in the market is reduced, leading to more comfort in doing business in the state. Here is the full article:
If you would like more information about life settlements, feel free to contact me, or visit our website (rehburglifesettlements.com) for more articles, blogs, FAQs and testimonials. I am delighted to discuss your clients' policy at any time. We're here to help.