Posted by The Policy Settlement Alliance on Wed, Aug 11, 2010 @ 09:45 AM
By Stephen P Turtur
The life settlement process can be actually easier than buying a life insurance policy. First you must understand that the settlement arena is a structured market in that information in a proper form is critical to success. I advise hiring an agent/advisor that is working in this market to help you submit your policy to make the life settlement process timely and "smooth". There are two pieces to this exercise that are of utmost importance. A life expectancy report and an internal cost structure analysis of your policy.
A life expectancy report will be required by all funders in the settlement market. This report is derived from the medical records/history of the insured that must be released. In some instances a current medical exam may be needed if the insured has not had the correct tests done. The life expectancy report is ordered by the funders from institutions that have been approved to calculate and provide this service. This report will be accompanied by the policies costs figures.
The life settlement process requires that the internal cost structures of the individual policy be presented in a specific form. An in force ledger is ordered to illustrate the requested information of the funder to assist the life settlement process in coming up with the net present value of the policy from a settlement perspective.
At a minimum, as with any other asset that you currently own, you should know the value of your life insurance policy from a settlement position. Why?- because it is an option of value today that did not exist perhaps when you bought your policy. You may need cash and if you are 74 years of age or up, you may be surprised as to what your policy will settle for in today's market.
Let's get started and click on LIVEpdq
Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.
Posted by Alice Hood on Tue, Jun 29, 2010 @ 03:16 PM
By Blaine M. Ferguson
The Life Settlement Process
should be reviewed and understood if you are trying to determine whether or not a life settlement is your best option. Below is a road map that will help navigate the life settlement process.
The first step in the life settlement process should be to find and evaluate a trusted advisor or broker The advisor can provide advice and a depth of knowledge that is invaluable and could be the difference that makes the life settlement process seamless and straightforward.
1. Once you have found or contacted a trusted advisor, you will complete an application and provide all necessary documentation such as but not limited to: all insurance records, photo ID, medical records and depending on policy size; proof of net worth.
2. Next, the advisor will review all documentation, along with obtained medical records and submit these to a life expectancy company, where a person's life expectancy is determined through the use of medical analysis, probability, actuarial methods using the records of the insured.
3. The settlement company or funder will examine all of the information provided by the advisor and determine a market value for the policy. If the policy is deemed to have market value, an offer is made to the insured, at which time they can accept the offer for the settlement or continue the life settlement process to examine other offers.
4. If the offer is accepted, the insured signs all necessary documents that pertain to the settlement. The funds that the insured will receive are then placed in escrow. Once all documents are signed and returned, the insurance carrier is notified of all changes in policy ownership.
5. Written verification is then sent from the carrier, and once received, funds are dispersed to the insured.
While these steps do not exhaust all possibilities or situations that occur during the life settlement process, they provide an effective road map to follow.
To learn more, or to have your policy reviewed, please visit LIVEpdq.
Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.
Posted by Alice Hood on Mon, Jun 28, 2010 @ 03:59 PM
By Phillip J Powell
Life Settlement Process
is simiular to buying a house you have to go threw multiple steps and channels to get to the end result a funded loan or in this case a sold policy. There are many things that have to be in line for the life settlement process to be an effecient one.
The life settlement process starts with finding a client, gathering the information, getting the life expectancy, cost of the policy, and the cost of the internal rate of return. These are alot of things that have to be considered to see if there is any value for the policy to try and secure an offer. There are moral and ethical things that have to be considered in any insurance or financial transaction.
Many producers have been faced with many obsticals and moral issues during the life settlement process, With every life settlement case some one's healtth is ditererating and the life expectancy is usually 6 years or less. The living benefit of a settlement doesn't justify the money the beneficiaries will recieve at the insured's death.
The life settlement process is a very challenging process but a producer with a knowledge of the programs avalible and a understanding of the poilcy holders short term and long term needs can make this a streamlined process.
If you are interested in finding out what your policy is worth go to LivePDQ
Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.
Posted by Alice Hood on Fri, Jun 25, 2010 @ 04:15 PM
By: Amie M Wirth
The life settlement process can be a bit confusing to the outsider, but it really starts like the life insurance process.
The first thing we do in the life settlement process is information gathering. We attain signatures from the insured and the policy owner, copies of life insurance policies and copies of trust, if policy is owned by a trust. Using this information and obtain the in force policy information to see if we are able to sell the policy as well as medical records of the insured to ascertain if a sale is viable.
Many times the life settlement process stops at this point for many reasons:
1. The policy is still contestable- it is less than 2 years old
2. The policy is too expensive- the premium to face amount is not in range for current buying parameters.
3. The insured is to healthy.
4. The expected return is less than cash value of the policy.
5. The expected return is less than what the owner or insured will accept for the policy.
Without doing the first step in the settlement process we cannot determine if a policy is a candidate for a life settlement or develop any other strategy for the client to generate income and or maintain life insurance coverage. Click on our Live PDQ button to see if a life settlement is right for you.
Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.
Posted by Alice Hood on Fri, Jun 25, 2010 @ 04:14 PM
By: Amie M Wirth
The life settlement process usually follows the same line from start to finish, but every case is different.
The third and final step in the life settlement process is the acceptance or the declination of the offers issued by the funders.
If a client declines all of the offers the life settlement broker, the life settlement agent and the funders do not receive any compensation for the work that they have done nor in most cases are they reimbursed for the hard cost that they incurred.
If a client accepts an offer the funder issues contracts and the life settlement broker and or agent contacts the client and helps them complete the contract package. In all the years that we have been doing life settlements we have yet to have a package completed by a client without the help of either the agent or the broker as there is a lot of documents and they have to be completed to the funders specification or the sale will not go through.
This third and final step in the life settlement process done correctly will help the client receive their funds in good order without a lot of back and forth with the funders trying to get everything corrected. Click on our Live PDQ button to see if a life settlement will benefit you and your family.
Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.
Posted by Alice Hood on Fri, Jun 25, 2010 @ 04:13 PM
By: Amie M Wirth
Once you have gotten through the first part of the life settlement process of gathering and reviewing information the second part is relatively easy.
In the second part of the life settlement process that life insurance policy information and the insured’s medical information is sent to life settlement funders to review the file. The funders review the file to see if their parameters for purchase are met and they either extend an offer or decline the file.
The second part of the life settlement process can take anywhere from days to weeks depending on the market at the time of the file submission. Offers are relayed to the clients and they decide if they would like to accept or decline the offer. This information is relayed back to the funders.
If the offer is declined there are times when the funder will be able to offer a little more for the policy, but that usually only happens if there is a higher bid from another funder. Once the final offer is accepted or declined by the client the third and final step in the life settlement process begins. Click on the Live PDQ button to see if a life settlement is right for you.
Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.
Posted by Alice Hood on Fri, Jun 25, 2010 @ 04:13 PM
By Marlin E Leisher
Life Settlement Process, one, the broker engages with the end insured to be as sure as possible, economically and with absolute justification that it is in their best interest that the life settlement process continue on their behalf. And also that the producer provides as best possible the highest standard of ethics to the insurer and owner that the sale of this policy is the best option for their interest.
The life settlement process is worst than attempting to negotiate with the government on any particular item and in fact many cases it takes twice as long to conclude the life settlement process than it is to deal with the government. This is truly one of the main reasons that if the broker were to proceed with the life settlement process there must be a full cord with all those involved.
The beginnings of this quest starts by obtaining the clients policy and a enforce ledger showing today what the policy will look like in the future, gather the insurers information, medical predominately and at times financial information. Then proceed to acquire life expectancies, between policy information which means cost of policy. The life expectancy, which means how long the funder will be expecting to pay the premium and last the IRR/Internal rate of return that the funder requires as a profit with those three numbers equated, will end up with the value of the policy today.
For more information on the life settlement process please visit our LIVEpdq in the upper right image.
Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.
Posted by Alice Hood on Fri, Jun 25, 2010 @ 02:55 PM
By Rick S Cantville
In the past, the life settlement process
could take months to complete. A client seeking a life settlement would need to supply a life settlement agent with appropriate policy information, medical information release forms, policy information release forms, and other information pertaining to current health.
Once this information is received, it is submitted to a life settlement broker, which would order the client's medical records and order inforce illustrations. The time needed to gather this information can vary depending on the speediness of the doctors office releasing the information, or the life insurance carrier's ability to run the inforce illustration, but often can take several weeks.
Medical records would then be sent to a life expectancy provider for the purpose of gathering a life expectancy. Life expectancy reports are an evaluation of a persons health history and will determine the expected life span of a given person. This information, along with the policy information, will be sent to the life settlement providers for pricing.
Life settlement funders would price the policy based on their internal pricing model. If the policy is acceptable, then an offer is made to the broker and ultimately to the client via the life settlement agent.
This life settlement process could take months to accomplish and is very expensive due to the costs of life expectancy reports and the time to process the file.
Today, thanks to LivePDQ, the process to determine the value of a life insurance policy can be accomplished in hours or days, not months. This has been very beneficial to clients, since they receive information in a short amount of time.
For more information, visit LivePDQ to determine the value of your policy.
Note: Blog posts reflect the opinion of the author, which may differ from the opinion of policysettlement.com.