Life Settlements: The Process
Here Are the Steps to an Abacus Life Settlement
1. Individual policyholder cases are submitted to Abacus Settlements, LLC along with a signed application and HIPAA release form
2. A current policy illustration, medical records for the insured, as well as other documents, may be requested following submission of the original materials.
3. The policy is thoroughly evaluated and a potential life settlement value is determined for each case submitted. This evaluation includes a review of the submitted medical records by an independent medical underwriter.
4. An offer to purchase the policy is communicated to the policyholder’s broker/financial advisor, if our funding source is interested in purchasing the policy (not all policies qualify for life settlement).
5. If the offer is accepted, closing documents are prepared and sent to the policyholder’s life settlement professional.
6. Upon closing, change-of-ownership and beneficiary forms are sent to the life insurance carrier. The insurance company acknowledges and confirms the changes to Abacus Settlements, LLC.
7. Funds reflecting the agreed upon life settlement purchase price are transferred from an independent escrow agent to the former owner and finance professional.
A rescission period is applicable in many states.
