“Their collective knowledge and experience in
the insurance industry as not only adding value to each transaction,
but also is an asset to the ever-evolving life settlement industry.”
-
Meir Eliav, life settlement industry pioneer and Founder and President
of provider Legacy Benefits Corporation
Veris Settlement Partners
Veris Settlement Partners, Inc. is at the forefront of life settlement
brokerage business as a result of the management team’s vast
insurance experience, commitment to best practices, and professional
service. The following outlines the other key market differentiators
that are making Veris the choice of top advisors.
Veris Life Settlement’s Key Market Differentiators
Unmatched Life insurance experience. The
impressive resumes of the executives at Veris instill confidence in
the customers that they serve. The executive team consists of
four individuals that have over 85 years of combined experience in
the life insurance industry. Two of our executives have previously
served as Chief Executive Officers of highly rated life insurance companies.
Collectively, the executive team has experience in product design,
actuarial, underwriting, sales and marketing, both individual and group
insurance, corporate-owned life insurance, executive benefit planning
and advanced estate planning. Additionally,
one Veris executive is currently a member of the Life Insurance Settlement
Association’s
(LISA) Board of Directors. He is the only current Board member
that represents a life settlement brokerage firm.
Commitment to “Best Practices”. Life
settlements can be a complex area, and the regulatory environment varies
by state from extremely stringent to non-existent. Veris strives
to set the highest possible standard by employing the best approaches
to consumer protection, privacy, and efficiency, generally going well
beyond the minimum requirements in a given jurisdiction.
Disclosure and Transparency. Although
life settlements are a complicated and complex, Veris is dedicated
to making the process as transparent as possible. In addition
to a written agreements between the broker, producer-partner and the
seller, an extensive disclosure document is provided to the seller
at the very beginning of the process. This disclosure document
deals objectively with both the positives and negatives associated
with life settlements, the fact that settlement proceeds may be taxable,
various parties will be compensated, eligibility for certain benefits
may be impacted, and that future insurability may be curtailed
Due Diligence. Veris
conducts an extensive due diligence process for all affiliates, both
providers and producer-partners, to make certain that all entities
are appropriately licensed and compliant. Veris will only submit
policies to qualified buyers who have participated in the due diligence
process and been added to the approved list.
Written Agreements. Veris believes
that good agreements make for good relationships. Accordingly,
all producer partners are contracted in writing, and Veris insists
upon a written agreement with all potential clients which spell-out
the terms and conditions of the engagement. Where applicable,
all forms and contracts are filed and approved for use in the appropriate
jurisdiction.
Performance-Based Compensation Model.
Veris strives to align the interests of all parties to the needs of
the seller. Accordingly,
Veris takes a “value-added” and fully transparent approach
to compensation. Upon successful completion of a transaction,
Veris’s fee is 10% of the net gain to the seller (which is defined
as the difference between the cash surrender value of the contract
and the gross proceeds from the transaction). Where a producer–partner
is actively involved in the transaction, additional fees based on the
net gain may be applicable.
Internal Evaluation. Veris
will, at no cost to the seller, evaluate each potential life settlement
for viability. This
process can help to eliminate transactions which are marginal or inappropriate
for the seller, as well as to help set expectations when the policy
is a good candidate for life settlement.
Weekly Status Reports. Veris’ proprietary
customer relationship management (CRM) program enables them to capture
and track all transaction details and action items. It enables
them to generate weekly Brokerage Status Reports detailing the progress
and completion of the various steps in the life settlement process.
This includes management of medical records, life expectancy reports,
insurance policy information, and policy brokerage. This enables the
advisors to stay engaged throughout the process and provides them timely
progress reports that they can communicate to their clients.
Other Value Added Services.
Over two dozen institutional funding sources.
E&O coverage for all contracted partners
Assistance with licensing and compliance.
FINANCIAL
ADVISORS
