A Life Settlement typically commences with the insured filing an application (either online or via telephone) for an Appraisal to be undertaken by Policies USA. This application should be accompanied with certain documents that are detailed with the Application Form
Policies USA will verify:
Policies USA will then determine the suitability for funding and will attempt to match the policy with an appropriate funding institution that is willing to purchase the policy and make an offer.
If Policies USA determines this offer is the best available, the offer will be relayed to the insured for approval.
If the offer is accepted, a closing package will be delivered to the insured who will sign all documents and return to Policies USA who will then notify the insured’s insurance carrier of the change of ownership.
Following written verification of the change of ownership, settlement funds are transferred to the insured.
APPROXIMATE TIME LINE FOR THE COMPETION OF THE ABOVE PROCESS
Week 1-3
Application and all required paperwork are received and Policies USA begins the insurance underwriting process, including verification of insurance coverage and review of medical records. Process time will vary depending on how quickly doctors and the insurance company respond to needed information. (It is strongly suggested that medical records be submitted with the application to speed up this process.)
Week 3-5
Policies USA negotiates with all applicable funding companies to obtain the best possible cash offer for the insured’s policy. Once this highest offer has been secured, it will be offered to the client, who may accept or refuse it. (There is no obligation). Once the offer has been accepted, the Closing Package is sent to the policy owner and the Settlement funds are placed in escrow. The funding company receives written verification of the policy transfer of ownership and the Settlement funds are released from escrow usually with 24-72 hours.