Life settlements, In greater detail
Read on for an in-depth look into how life settlements work, their regulations, history, and everything you need to know to make an informed decision.
The life settlement process begins with collecting some basic information about the owner, the insured, and the policy. Apex offers a simple application that includes release forms so additional information can be requested for underwriting.
Detailed information is collected for underwriting of both the policy and the insured. For the policy, information will include the policy’s costs, features, and policy illustration. The releases will be used to gather the insured’s medical records for review.
Once the policy and insured records are collected, we have enough information to determine the value of your life insurance policy, and the amount of cash we can offer you to fund whatever you have planned next.
After completing the review, the provider extends an offer either directly to you or to your advisor. There is no obligation to proceed with a sale; it is 100% your choice whether to accept or decline the offer.
Once you accept the offer, the provider will prepare agreements (according to your state's requirements). After contracting and diligence are complete, the request to change ownership + beneficiary will be sent to the carrier.
Once the change of ownership and beneficiary is verified, the settlement payment funds will be transferred to the policy seller through a single direct deposit or a check. At that point, you are free to enjoy the funds at your discretion!