Financial Advisor Information
“The emergence of the life settlement has altered the landscape of the insurance trust business.”

- Banking Law Journal

Veris Wants Small Policies

National Underwriter, May 1, 2009

Veris Settlement Partners Inc. is working with a lead-generating firm to offer a new life insurance settlement program aimed at owners of small policies.

Veris, Rockville, Md., has formed a joint venture with Life Settlement Leads Inc., Parsippany, N.J., to set up a simplified process for buying and selling life policies with face amounts from $100,000 to $500,000. LSL, which supplies lead-generation services to institutional life settlement funding sources, will provide direct access to funding sources for the program, Veris says.

Traditionally, the time and cost of completing a settlement have limited opportunities for the owners of life policies with face amounts below $500,000 to sell the policies, says Veris, a life settlement brokerage founded by Select Life Settlement Corp., Northport, N.Y., and Chesapeake
Financial Settlements L.L.C., Rockville, Md.

LSL is supplying technology that will make it easier for institutional buyers and providers to evaluate small policies, Veris says.

The evaluation process will include a simplified telephone interview of the insured, eliminating the cost and time needed to acquire medical records before underwriting and to obtain third party life-expectancy reports, Veris says.

LSL also has created simplified closing documents and plans to use third-party professionals to relieve producers of the task of completing paperwork, Veris says.

Veris says it is seeking convertible term life and universal life policies for the program. The insured should be a male over age 70 or a female over age 75, with a life expectancy of 3 to 9 years. In addition, carriers must carry an A.M. Best rating no lower than B plus plus.

 
 
HOMEFINANCIAL ADVISORSADVISOR RESOURCES ABOUT VERISCONTACT US
Copyright 2008 Veris Settlement Partners / Website design by Zeus

Veris Settlement Partners, Inc. is a multi-state viatical and life settlement broker. Veris Settlement Partners, Inc., and/or its affiliate firms Chesapeake Financial Settlements, LLC and Select Life Settlements Corporation, and/or one of its four directors as individuals, is licensed as a life settlement broker or viatical settlement broker in the following regulated states: AR, CT, FL, GA, HI, IN, LA, MD, MS, NC, NJ, NY, PA, TX, UT, VA.

Depending on the medical condition of the insured, Veris Settlement Partners, Inc. may or may not be able to broker a life insurance policy owned by a resident of the following states: CA, DE, IL, MA, MN, NM, OR, VT, WA, WI.

Veris Settlement Partners, Inc., and/or one of its four directors as individuals, may broker a life insurance policy owned by a resident of the following states that are not regulated and do not require licensure: AL, AZ, DC, ID, MI, MO, NH, RI, SC, SD, WY.

Some or all of the proceeds from a life settlement may be taxable under federal or state income tax laws.  Advice from a professional tax advisor is recommended. Veris Settlement Partners, inc. is not a viatical or life settlement provider.

This Compliance Notice is current as of August 15, 2008 and is subject to change.