Six states — Kentucky, Maine, New Hampshire, Oregon, Washington and Wisconsin — have already passed various versions of a
life insurance disclosure requirement, legally mandating that
insurance carriers notify
seniors in certain circumstances of the alternatives
to lapse or surrender of their
policy (e.g., accelerated death benefit or
available riders, assignment of
policy as a gift,
life settlement,
policy replacement, etc.).
Offered
to those aged between 18 - 65, there are also niche
policies available including term
life insurance for
seniors aged 70, with reduced paid up lifetime benefits when the term coverage period ends.