What is the bid acceptance portion of the life settlement process?
Life settlement procedure: your US Life Settlement advisor will contact you to
discuss your bid results to ensure that you are accepting the highest possible
bid and further discuss your life insurance settlement options. If you decided
to take an early offer, your advisor may advise you to wait for a higher offer,
especially if an offer is below the initial appraisal price.
A completed Client Application Kit can
be sent in via mail or fax. Please call us beforehand so
we can verify that all incoming information is correct and
that your policy does indeed qualify for a life settlement.
What is the US Life Settlements Appraisal System and how is it part of
the process?
The US Life Settlements appraisal
system is a result of our tremendous experience as
the nation's leading life settlement company. It is
an “in- house” proprietary software program
that allows us to plug in multiple variables regarding
your policy and the current market environment. This
would be similar to a home appraisal which determines
the fair market value prior to sale. We then compare
this value with the incoming bids from the qualified
buyers so we can assist you through the process of
accepting a fair price. This “safe guard” is
a complimentary service to our clients.
How are the money and the policy exchanged simultaneosly in the life settlement
transaction?
After you notify your case manager
that you would like to accept an offer, the closing
documents will need to be signed and notarized. Once
we have submitted these documents, the money will be
place in a third party escrow account (similar to a
home purchase). Please note: the escrow companies used
in life settlements are some of the largest and most
respected banks in the country. Once the policy’s
ownership has been changed, the money is sent directly
to the client, via mail or a wire transfer.
Is there a specific time frame in which the offer must be accepted by the
client?
Many buyers will
place expiration dates ranging from 10 to 21 days on
their offers. Your case manager will guide you through
this time sensitive evaluation process to make sure
you understand the implications of accepting, rejecting,
or waiting on incoming offers.
Can an offer be rescinded by a purchaser, and if the offer is rescinded,
what happens to my policy?
The corrent market environment and
other variables can influence the buyers to rescind
their offer. If an offer is rescinded, your US Life
Settlements case manager will immediately contact all
remaining interested buyers to secure a new offer.
