Process to Market a Settlement
The steps below are a brief outline as to the process for marketing a Life Settlement case and should provide a fairly accurate timeline for how long it takes to receive an offer.
The Process
- Complete all pertinent information on the settlement application and have the insured and policy owner sign where applicable. You can download the application from our forms page on this site or call us at (847) 965-4700.
- Once we receive a completed application we will work with the broker to ascertain the insured’s medical records from the past 5 years, a copy of the policy owner’s driver license and social security card as well as an in-force ledger and copy of the policy being sold.
- Brown, Brown & Gomberg will then market the policy to all viable settlement companies to achieve the highest offer.
- Once we have secured several bids, we will choose the best offer and communicate that to the broker and policy owner. If accepted, we will request closing documents from the settlement company to have the policy sold.
- After closing documents are signed by the policy owner and received by the settlement company, change forms are completed with the carrier to make the settlement company the new owner and a check is cut to the policy owner.
Timeline for the Process
Once we receive the completed application, medical records and ledger from the broker we will
begin marketing the case.
2-3 Weeks – Time it takes for the settlement company to log, process, underwrite and order life expectancy reports for the policy.
1 Week – Time it takes for the settlement company to price the policy.
1 Week– Time it takes for Brown, Brown & Gomberg/CPS to negotiate the best offer with the settlement companies.
2 Days – Time it takes to get closing documents from settlement company if offer is acceptable.
3 Days – Time it takes to receive closing documents back from the policy owner and return to the
settlement company for review and processing.
2-3 Weeks – Assuming everything is complete, settlement company will send change of owner and beneficiary documents to the insurance carrier for changes and verification of coverage.
3 Days – Time it takes for a check to be cut and sent to policy owner.
15 Days – Standard client rescission period (depending upon state).
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