When applying for a senior life settlement, it’s very important to know and relay the correct life settlement policy ownership information to your life settlement agent. This includes who currently owns the policy, where the owner resides at present, and where they lived when the policy was issued.
Most senior life settlement polices are owned by the insured, but there are also policies that are owned by a trust, a family member, or a company. If the life settlement broker does not know who owns the policy and what state has jurisdiction over the policy, they may submit the policy to funders who cannot purchase the policy because they are not licensed in the appropriate state.
It can be very expensive, time consuming and disappointing for the seller, the life settlement agent, the life settlement broker, and the life settlement provider to gather all the information on a policy and then find out their efforts were wasted because the buyer cannot purchase in the state that governs the senior life settlement.
That is why seniors who decide to sell life insurance policies should be careful to supply the most current ownership information to their life settlement agent or directly to the life settlement broker in order to assure their senior life settlement can be completed as quickly as possible.
To see if you qualify for a senior life settlement, use the highly recommended LIVEpdq tool to get a ballpark estimate of your policy’s value.