Agent FAQs

In many cases, financial professionals will have this duty. For example:

  • With a term policy, an agent may need to offer a Life Settlement as an alternative to surrendering or lapsing the policy.
  • With a trust owned policy, studies have shown that over 50% of advisors who reported acting as trustee stated they do no have guidelines and procedures for handling life insurance. Furthermore, over 75% of family or friends that act as trustees have not reviewed life insurance policies located in trusts within the last 5 years. (WHO’S MINDING THE TRUST-OWNED INSURANCE?, TRUST & ESTATES, 5/2003)

Life Settlements can be very beneficial when a client is considering a charitable contribution, both for the donor and for the charity.  For more information, visit our Planned Giving section.

  • Step 1: The policy owner or representative requests an appraisal form.
  • Step 2: A completed appraisal request form, along with the signed authorizations, are returned to Settlement Benefits Association. (Fax copies are preferred to expedite the underwriting process.)
  • Step 3: All of the necessary information is gathered (APS, VOC, LOC, Illustrations, etc.) in order to be independently reviewed by each carefully selected funding organization.
  • Step 4: The highest market off is negotiated.
  • Step 5: This offer is relayed to the policy owner or representative for acceptance.
  • Step 6: Upon acceptance, contracts and change forms are generated and forwarded to the owner/insured for review and signatures.
  • Step 7: The signed documents are returned to the funding organization. Upon receipt of the completed closing package, insurance change forms are forwarded to the insurance carrier for recording.
  • Step 8: Upon written verification of the change of ownership and beneficiary, funds are wired into the account(s) designated by the policy owner.

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