Meet Michael.

Michael, 59, is no longer able to pay his outstanding mortgage payments. His house is facing foreclosure and he needs extra income, fast. Michael is thinking about selling his insurance policy but wants to make sure it is a smooth process.

Michael knows almost everything about Life settlements, the benefits, tax implications, and the process. But to ensure a smooth Life Settlement transaction, he needs to know what could possibly cause a delay in the process and should be addressed immediately.

• Completed application. The settlement application must be completed in full. It is also required that the policy owner and insured complete the Release of Information Form. This form allows your insurance broker and/or life settlement company to contact doctors and insurance companies to request the necessary documentation required to determine qualification status. Get the process started today!
  
• Acquisition of medical records. If the insurance brokers are provided with a complete medical file (most recent four (4) years of records), then the process can be completed quickly. Otherwise, the insurance brokers must request this information from the insured's doctors, which can take two (2) to three (3) weeks on average.
• Verification of life insurance policy. The insurance company must complete the verification of coverage form. This usually takes between seven (7) to thirty (30) business days.
• Availability of applicant. This process can be delayed if the insurance broker cannot contact the applicant in a timely manner. This is very seldom a problem for those who are motivated to learn their qualification status and receive available offers.