About Life Settlements

SeniorLIFE™ Defines Life Settlement

Life settlement is a lump sum payment to the owner of a life insurance policy by an investment entity, referred to as a Settlement Provider, in exchange for ownership of the policy. The Settlement Provider takes over the premium payments and carries the policy for the remainder of the insured's life.  The secondary market for life insurance began growing in the last part of the 20th century.

In the past, Life Settlements have been the exclusive domain of the wealthy who wanted to optimize their assets, probably on the advice of their exclusive financial advisors. While Life Settlements have been available to policy owners for years, there is still little public awareness of this valuable option. SeniorLIFE™ wants to change that.  

In general, Life Settlements are available to anyone over 65 who has owned Life Insurance for 24 months or more. Precise qualifications and values vary by Institutional Settlement Provider. As a policy owner, you have several options:

1. Keep the Insurance Policy:	If you continue paying premiums		Original beneficiaries receive proceeds
2. Let the Policy Lapse:	If you stop paying premiums		You receive nothing.  Insurance Company keeps all proceeds (and incurs no future liability.)
3. Surrender for Cash Value:	If you contact Insurance Company to surrender policy		You receive a pre-determined amount (often net of fees)
4. Work with SeniorLIFE™:	If you qualify, you can cash-in your policy for Life Settlement value and stop paying premiums.		You can receive as much as 300% of the surrender value (on average) in cash. The Life Settlement Provider  begins paying premiums and receives proceeds

What is the Life Settlement Process?

SeniorLIFE™ is committed to providing the most comprehensive market access, a straightforward process and the greatest privacy in each case.  Whether we work with a Financial Professional or directly with you, the Policyholder, you can expect that each step of the way, SeniorLIFE™ will communicate and inform, you, our client. 

The process is straightforward:

1. Our client, the policy owner, submits completed SeniorLIFE™ Application for evaluation with signed authorizations.
2. SeniorLIFE™ organizes and redacts all required documentation (policy illustrations, verification of coverage, and medical records). Documents are redacted to ensure complete privacy before we distribute them to anyone.
3. A SeniorLIFE™ case officer matches your (now) anonymous policy to the most qualified and interested Institutional Providers with whom we have relationships or contact through a Marketplace Exchange for underwriting and competitive bidding.
4. SeniorLIFE™ facilitates a robust, competitive bidding process among qualified Settlement Providers. By providing maximum exposure to Settlement Providers, SeniorLIFE™ can capture the fair market value for your policy.
5. SeniorLIFE™ negotiates, secures and presents the highest offer to you, our client, for discussion and acceptance.
6. Upon your understanding and acceptance of a bid, SeniorLIFE™ coordinates the administration of contracts for necessary signatures.
7. SeniorLIFE™ works with an escrow officer and funds are placed in an escrow account for safekeeping.
8. Upon verification of change of ownership and irrevocable beneficiary, funds are disbursed.

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How long does the Life Settlement process take?

SeniorLIFE™ provides personalized client service to you and your Financial Advisor while capturing the benefits of scale and competitive bidding opportunities.  Each case is unique and timing will vary. But in general, you can expect a Life Settlement process to take as little as one-to-two months to close once a file is complete for submission.

• Day 1 — SeniorLIFE™  receives a completed SeniorLIFE™ Application  from you, the policy owner.
• Week 1-3 — SeniorLIFE™ initiates and completes information gathering and redacts documents to create a file for submission (medical records, policy illustrations) to potential qualified buyers.
• Week 4-6 — Interested and Qualified Institutional Settlement Providers complete their underwriting processes (evaluate medical records, obtain third party life expectancy evaluations).
• Week 7-12 — SeniorLIFE™ coordinates bidding process directly and through a Market Exchange.  SeniorLIFE™ negotiates with Institutional Settlement Providers for you, the policyholder, to determine the highest and best offer available in the marketplace.  SeniorLIFE™ presents the highest offer to you, the policyholder.  Upon your acceptance:  Closing documents are forwarded to you, the owner of policy, and funds are placed in escrow. Upon verification of change of ownership and irrevocable beneficiary, funds are disbursed.

Value, transparency and confidentiality are why SeniorLIFE™ is the ongoing choice of many Financial Professionals for Life Settlements.  Whether you are the policyholder or a Financial Advisor, we know you have choices and are confident  you will be glad you chose SeniorLIFE™.

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