Financial Advisor Information
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“The emergence of the life settlement has altered
the landscape of the insurance trust business.”
Life Settlement Parameters Qualifications to become a candidate for a life settlement transaction take into consideration age and health conditions. In general, the insured’s need to be above the age of 65 for men and 70 for women; however, in the event that life expectancy is limited to 15 years or less due to current health conditions, a settlement may be available for those as young as 60. Policy parameters should adhere to the following guidelines: a loan balance below 30% of the face amount, a cash surrender value below 30% of the face amount, and premiums of 5% or less of the face amount. Policy value amounts vary from one individual to the next. An individual, a corporation, partnership, trust, or charity can be the owner of a policy. It is important for the provider to confirm that the policy is in force and not subject to any additional restrictions that would prevent payment of a death benefit, also that the policy is not hindered by any other party. |
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In addition to differences in the underwriting criteria for life insurance companies, the purchasing parameters for a life transaction also differ from one purchaser (known as “providers” in the industry) to another.
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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.