New MN Laws Affect Long-Term Care Insurance, Structured Settlements
(St. Paul, MN)- Life insurance policies sold in Minnesota are now allowed to include long-term care, under a new state law in effect Monday. The aim is to offer the product to more Minnesotans, and the law permits it as long as it is an “innovative or reasonable approach” to protect and is in the person’s best interest. And the new law offers stronger protections for those who receive payments over time to settle personal injury, workers comp, or similar lawsuits. Under the old law, these payments over a person’s lifetime could be sold or transferred to a company for a lump sum, which experts say, while attractive, is often not in the person’s best financial interest. The new law requires that an attorney review such transfers and a judge determine if it is indeed in the person’s best interest.