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 75, younger if there are serious health issues. 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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| Copyright 2012 Veris Settlement Partners |  |
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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.