A life settlement provider is responsible for the purchase of the life insurance policy. The provider will receive information from your agent/broker regarding the policy. The information will include particulars about the policy itself such as the face amount, cash surrender value, and percentage of cash paid into the policy. The life settlement provider will also receive information regarding the insured on the policy. This information will include medical records for the past 5 years and life expectancy reports.
The life settlement provider is responsible for using the above information provided to determine if the policy is one they are interested in investing in. The information provided must fit certain parameters set by the investors fronting the money to the provider. If the information on the policy does fit the set parameters, the provider will make an offer to purchase the policy.
The purchase price is typically less than the death benefit, but more than the cash surrender value. If accepted the provider will purchase the policy from its owner for cash. The original owner will receive a cash payment and will no longer be responsible for the policy.
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