How does a life settlement work?
How does a life settlement work?
The insured or the contract owner if different than the insured submits an application through or website or be calling Life Settlement Pro. We will obtain an in-force illustration of the policy from the issuing insurer showing the face amount and any outstanding loans and premiums due.
Life Settlement Pro will obtain copies of the insured existing medical records from the insured physicians, or your agent will provide them to us. No medical exam is necessary for the insured. We review the records to determine if the insured meets our guidelines in order to receive the highest offers on the policy.
Once an offer is made and accepted, the life settlement transaction is documented and it proceeds to closing. An escrow account ensures that the policy owner receives the purchase price offered. The policy seller has the right to rescind the transaction within 15 days of the receipt of funds so long as the purchase price and any premiums paid by the funder/provider are returned prior to the end of the recision period.
A life settlement is also known as a Life Insurance Settlement, Senior Settlement, and a Senior Life Settlement.
