ALBANY — A new law seeks to protect consumers by regulating “life settlements,” in which the elderly sell their life insurance for far more than the value upon cancellation to get cash, often to stave off hard times.

“This legislation contains numerous disclosure and consumer-protection provisions which will help to ensure that an owner considering selling his or her policy makes an informed decision,” said Sen. Neil Breslin (D-Albany), who sponsored the bill.

The insurance industry claims the settlements offer policyholders better value.