What are Life Settlements?
Am I eligible?
What Options Do I Have?
Is It Right For Me?
Why Should I Consider It?
How Much Can I Make?
Are There Tax Issues?
What Is The Process?
What Should I Prepare?
What Should I Look For?
How Do I Start?
Where Can I Learn More?
Your Life Settlement Questions. Answered.
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Sunday March 02, 2008 12:00AM | Click here to visit original article.
One of the most frequent questions that we get asked is what are the steps involved when selling your policy and how long does it take. Let’s first look at what is involved:
1. A need is realized – either the insured or their advisor recommends considering a life settlement.
2. Application – the policy owner completes the settlement application and provides any initial necessary documentation to the settlement company.
3. Documentation – the settlement company reviews the application and supporting documentation and then verifies the insurance and medical status of the insured.
4. Review – the settlement company’s insurance and medical experts review the file, and determine its ultimate viability, including reviewing for potential fraud.
5. Policy match – the settlement company determines the suitability for funding and matches the policy/settlement to appropriate funding sources. If it is determined that the settlement does not qualify, then the process ends.
6. Offer – the settlement company relays offer to the advisor or client. If the offer is declined, the process ends.
7. Closing package – if the offer is accepted, a closing package is delivered to the advisor or client for review and signatures.
8. Notification – once the signed documents are returned, the insurance carrier is notified.
9. Funds transfer – upon written verification of change of ownership, settlement funds are transferred to the settler from escrow.
As we can see, the process is pretty straightforward. Once the insured’s options are discussed with their advisor, and an application and all required documentation are submitted, the process commonly takes between four and six weeks. If you are working with an experienced broker who specializes in these life settlement transactions, they can best estimate the process time based on your specific situation.
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73 Year Old Male
$1,000,000 Universal Life
$3,500 Surrender Value
Paid: $52,183
68 Year Old Male
$200,000 Convertible Term Life
$0 Surrender Value
Paid: $40,500
68 Year Old Male
$600,000 Universal Life
$29,845 Surrender Value
Paid: $94,000
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