SENIOR LIFE BENEFITS® Transactions
A Sale of the Life Insurance Policy
We facilitate SENIOR LIFE BENEFITS® Transactions as either a Life Settlement Provider or as a Life Settlement Broker. By offering these two avenues to liquidate the life insurance policy, we provide the comprehensive and unparalleled ability to fully manage the life insurance asset and advise professionals and policy owners as appropriate.
What is a Life Settlement?
A Life Settlement is the sale of an in-force life insurance policy from a qualified policy owner for the present value of the future net death benefits. If the policy owner accepts the purchase price, the policy owner receives a lump-sum cash payment in exchange for transferring ownership and all other rights and obligations to the purchaser, who is most often an institutional investor. The purchaser will take all responsibility for the policy and continue to make the future premiums required to keep it in force.
Many states regulate Life Settlement by statute by requiring a license to transact a Life Settlement. The license is held by a Life Settlement Provider, a term of art in the industry referring to the company or individual who effectuates the Life Settlement transaction. This term is also used by Life Settlement Providers in states without Life Settlement statues or regulation.
Living Benefits Financial Services, LLC ("LBFS") is a Life Settlement Provider licensed in several states. The Company can acquire life insurance policies in states where we hold licenses and in state which do not regulate Life Settlements by statute. In the absence of specific state statutes or regulations, LBFS substantially complies with the overall standards provided in the National Association of Insurance Commissioners (NAIC) Model Act.
What is a Life Settlement Broker?
A Life Settlement Broker is a person who, on behalf of a life insurance policy owner and for a fee attempts to negotiate life settlement contracts between an owner and multiple potential purchasers. A Life Settlement Broker represents only the policy owner and owes a fiduciary duty to the policy owner to act according to the policy owner's instructions, and in the best interest of the policy owner.
Obtaining the highest purchase price for a policy owner is a complex effort. Living Benefits Asset Management, LLC ("LBAM") acts as a Life Settlement Broker in states that do not require Life Settlement Brokers to be licensed. David B. Younglove, Chief Manager of LBAM, holds Life Settlement Broker licenses in multiple states with applicable regulations. LBAM and Mr. Younglove represent the policy owner to obtain the highest purchase price. LBAM has the expertise to present the situation in its best possible light to more than 25 funds that are actively competing in today's market. LBAM works with life insurance and other financial professionals to fulfill their professional/fiduciary responsibilities and ensuring proper management of their clients' life insurance assets. Financial Professionals please click here for more detailed information.
