Military and veteran families around Augusta usually hold government-issued group coverage — SGLI and VGLI — and that coverage generally cannot be sold, which is the first thing to understand before anyone starts looking at options. A life settlement is the sale of an individually owned policy to an institutional buyer who takes over the premiums and receives the death benefit later. Offers commonly fall between roughly 10% and 35% of the face amount, and a 2010 U.S. Government Accountability Office review found sellers received about four to eight times what surrendering would have paid.
Richmond County’s seat is Augusta, with Hephzibah and Blythe also within the county. The area is anchored by a major academic medical and cancer center serving eastern Georgia and western South Carolina, and by a large military and veteran population connected to Fort Eisenhower, the installation formerly known as Fort Gordon.
Those two facts shape the local picture: serious diagnoses are treated here, and families arrive from across a wide region to be near care. This page explains how a life insurance policy fits, how Georgia Medicaid treats it, and how to check out anyone offering to buy. Pine Lake Life Solutions offers a free policy review — send the cover page or call (305) 209-7183.
In This Article
- Military and Veteran Coverage: What Can and Cannot Be Sold
- VA Benefits Are Not Medicaid, and Both May Apply
- Georgia Medicaid in Richmond County
- A Serious Diagnosis Changes the Policy Math
- Look-Back Rules and Estate Recovery
- Documents, Timeline and Escrow
- Vetting Any Company, and Avoiding Predatory Offers
- What to Do Next
- Frequently Asked Questions
Military and Veteran Coverage: What Can and Cannot Be Sold
Servicemembers’ Group Life Insurance (SGLI) and Veterans’ Group Life Insurance (VGLI) are government group term programs. They generally cannot be sold, because the insured holds coverage under a group program rather than an individually owned transferable contract, and the programs have their own rules about assignment. Treat any pitch to buy VGLI with real skepticism and verify with the VA before responding.
What can be sold, potentially, is an individually owned permanent policy — whole life, universal life, guaranteed universal life — that a veteran or spouse bought privately over the years. Many did, precisely because group coverage ends or becomes expensive with age.
Separating out veterans should also check whether SGLI can be converted to an individual commercial policy within the applicable window, and whether VGLI enrollment deadlines are still open. Those decisions are time-sensitive; verify current terms directly with the VA rather than any third party.
VA Benefits Are Not Medicaid, and Both May Apply
Veterans and surviving spouses in Richmond County frequently qualify for benefits that families do not know exist, including VA pension with Aid and Attendance, which can help with the cost of care. Those are separate from Medicaid and are evaluated under different rules.
A County Veterans Service Officer can help file at no cost, and using one is far safer than paying anybody for help with a VA claim. Charging veterans for benefit filing assistance is a known predatory pattern.
Importantly, the VA and Medicaid look at assets differently, and a life settlement’s proceeds can affect one, the other, or both. Before selling a policy, ask both a VA-accredited representative and a Georgia elder law attorney how the proceeds would be treated. That coordination is the step families skip.
Georgia Medicaid in Richmond County
Georgia Medicaid is administered by the Department of Community Health, with eligibility processed through the Division of Family and Children Services. Home and community-based long-term care runs mainly through the Elderly and Disabled Waiver Program, delivered by CCSP and SOURCE case management. A single applicant is generally held to a $2,000 countable-asset limit — verify the 2026 figure.
The cash surrender value of a permanent life insurance policy is generally countable above a small face-amount exclusion. Term coverage typically has no cash value and nothing to count.
Because Augusta draws patients from a wide multi-state region, families sometimes assume Georgia rules apply to them when they actually live across the river in South Carolina. Eligibility follows the state of residence, not the state where treatment is received. Confirm which state’s program applies before filing anything.
A Serious Diagnosis Changes the Policy Math
Because the area is a regional cancer and academic medical referral center, many families here are reading about life settlements shortly after a serious diagnosis. Two things are worth knowing.
First, a decline in health since a policy was issued generally increases what the settlement market will pay, because it shortens the expected premium-paying period. That is uncomfortable to read and it is how the pricing works.
Second, for someone with a terminal or chronic illness there may be options that move faster than a settlement. Many policies include accelerated death benefit or living benefit riders that let the insured access part of the death benefit directly from the carrier, often within weeks rather than months. Ask the carrier what riders the policy already contains before pursuing anything else — and ask how using one would affect Medicaid countable assets.
| Coverage type | Generally sellable? | What to check |
|---|---|---|
| SGLI (active duty group) | No | Conversion options within the separation window |
| VGLI (veterans group) | No | Enrollment deadlines; be wary of anyone offering to buy it |
| Policy converted from SGLI to a commercial contract | Possibly | Death benefit size and current ownership |
| Individually owned whole or universal life, $100k+ | Often reviewed | Cash surrender value, loan balance, riders |
| Convertible term | Only while conversion is open | The conversion deadline, usually age-linked |
| Policy with an accelerated death benefit rider | Rider may be faster than a sale | Rider terms and effect on Medicaid countable assets |
General guidance only. Verify VA program terms with the VA and Medicaid treatment with DFCS or an elder law attorney.
Look-Back Rules and Estate Recovery
Georgia applies the federal 60-month look-back on long-term care Medicaid applications, reviewing five years of financial records for transfers made for less than fair market value. Penalty periods begin when the applicant would otherwise be eligible, which is precisely when the family can least afford it.
Selling a policy at fair market value is an exchange, not a gift, and should not create that penalty. Keep the offer letter, the closing statement and the escrow release confirmation with the application documents.
Georgia also pursues estate recovery against the estates of deceased recipients age 55 and older for long-term care benefits paid. The details and exceptions are technical — verify current practice with a Georgia elder law attorney before making assumptions about the family home.
Documents, Timeline and Escrow
Start with the policy cover page: carrier, policy number, owner, insured and death benefit. If the policy is the type buyers review — generally $100,000 or more in death benefit on an insured in their senior years — the next items are an in-force illustration, a current statement showing cash value and any loan, and a signed HIPAA authorization so medical records can be ordered.
Plan on roughly 60 to 120 days from submission to funding. With active treatment underway, records are often more current and easier to obtain, but the carrier’s paperwork still takes what it takes.
At closing, funds are wired to an independent escrow agent and released only after the carrier records the change of ownership. Do not sign a transfer of ownership before escrow is funded, no matter how urgent the situation feels.
Vetting Any Company, and Avoiding Predatory Offers
Georgia licenses life settlement providers and brokers through the Office of Commissioner of Insurance and Safety Fire. Verify a company there before releasing medical records. If the household resides in South Carolina, verify with that state’s insurance department instead.
Know the roles. A provider buys for its own account; a broker shops the case to multiple providers and is typically paid out of the seller’s proceeds. Ask what that compensation is in dollars and confirm it appears on the closing statement. Ask who holds escrow and about the rescission period, and get both in writing.
Military and veteran communities attract targeted financial pitches. Be especially wary of anyone offering to buy VGLI, anyone charging a fee to help with a VA claim, and anyone quoting a policy price before medical underwriting is complete.
What to Do Next
Call the carrier and ask, in writing, for four things: the current cash surrender value, any outstanding policy loan, the reduced paid-up death benefit, and a list of any accelerated death benefit or living benefit riders on the contract. That last item is the one most often overlooked.
For veterans’ benefits, contact the Richmond County Veterans Service Office at no cost. For Medicaid and care navigation, the CSRA Regional Commission’s Area Agency on Aging serves the region, and GeorgiaCares provides free benefits counseling. For the policy side, Pine Lake Life Solutions offers a free policy review — send the cover page or call (305) 209-7183.
This page is educational only and is not legal, tax, medical or investment advice. Confirm current 2026 Georgia Medicaid and VA rules with qualified professionals before acting.
Frequently Asked Questions
Can VGLI be sold in a life settlement?
Generally no. VGLI is a government group term program rather than an individually owned transferable contract, and it has its own rules. Verify anything you are told about it directly with the VA, and be skeptical of any company offering to buy it.
What is an accelerated death benefit rider?
It is a provision in many policies that lets an insured with a qualifying terminal or chronic illness access part of the death benefit directly from the carrier. It is often much faster than a settlement, sometimes within weeks. Ask the carrier what riders the policy already includes, and ask how using one would affect Medicaid countable assets.
We live in South Carolina but get care in Augusta. Which state’s Medicaid applies?
Medicaid eligibility follows the state where the applicant legally resides, not where treatment is delivered. Life settlement regulation and licensing generally follow the owner’s state of residence as well. Confirm the residency question before filing anything or starting a policy sale.
Does a serious diagnosis increase what a policy is worth?
Generally yes, because buyers price on life expectancy and a shorter expected premium-paying period raises an offer. That is how the market works, uncomfortable as it sounds. It also means a policy that was declined years ago may be reviewed differently now.
What is Georgia’s Medicaid asset limit for long-term care?
A single applicant is generally held to $2,000 in countable assets; verify the 2026 figure with the Division of Family and Children Services. The home within equity limits, one vehicle and certain burial arrangements are usually excluded. Permanent policy cash value is generally countable above a small exclusion.
Should I pay someone to help file a VA claim?
No. County Veterans Service Officers and VA-accredited representatives assist at no cost, and charging veterans for claim filing assistance is a known predatory pattern. Contact the Richmond County Veterans Service Office first.
Will a policy sale affect VA benefits as well as Medicaid?
It can, because the VA and Medicaid evaluate assets under different rules. Ask both a VA-accredited representative and a Georgia elder law attorney how proceeds would be treated before selling. Coordinating the two is the step most families miss.
How do I verify a life settlement company?
Check licensing with Georgia’s Office of Commissioner of Insurance and Safety Fire, or the appropriate state department if you reside elsewhere, before sharing medical records. Ask whether the firm is a provider or a broker and what it is paid on your case. Get escrow and rescission terms in writing.
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Related Reading
- What Policies Qualify For Life Settlement
- Georgia Medicaid Asset Income Limits
- Life Settlement Licensing Georgia
- How Much Can I Get For My Life Insurance Policy
- Sell Life Insurance Policy Chatham County Ga
- Education Center
Pine Lake Life Solutions does not purchase life insurance policies and does not provide legal, tax, or investment advice. Information provided is for educational purposes only. Eligibility for any option, including life settlements, is not guaranteed and depends on individual circumstances, policy terms, underwriting, and market conditions. Consult independent legal, tax, or financial professionals before making decisions regarding a life insurance policy.