Over the past decade, the life settlements market has become incredibly well regulated.
The entire market is regulated on a state-by-state basis, rather than nationally, to ensure that companies behave ethically.
Most states do require specific licensing, and practice strict oversight to ensure customer safety.
For example, according to LISA, 30 of the regulated states have a statutorily mandated 2-year waiting period before one can sell their life insurance policy, while 11 states have 5-year waiting periods. One state, Minnesota, has a 4-year waiting period. It varies state by state.
Refer to your insurance department for more insight into the specific life settlement state laws.
Here at Abacus Life, we are proud to share that we are a licensed life settlement provider in 47 states.
The following states are:
Alabama, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wyoming