Life Settlement Brokers:

  • Connect the sellers of an insurance policy with buyers.
  • Represent the policy owner and negotiate the best possible offer for an individual’s unique case, which may be accepted or rejected by the policy owner.
  • Owe a fiduciary duty to the policy owner.
  • Do not include an attorney, certified public accountant or financial planner retained in the type of practice customarily performed in their professional capacity to represent the owner whose compensation is not paid directly or indirectly by the Provider.

Questions to ask a life settlement broker:

  • Licensing – Is the broker fully licensed or do they use borrowed licenses?
  • Does the broker provide E&O coverage for you?
  • Does the broker provide bid transparency?
  • Does the broker have any ownership interest in a provider/buyer?
  • Does the broker or its principals buy polices for their own investment portfolio?
  • Have any of the principals or their team been involved in any legal/litigation issues that should be disclosed?
  • How many years have they been operating as a broker?
  • Does the broker adhere strictly to HIPAA laws?
  • What systems does the broker have in place to protect sensitive client data?
  • How do they document bid transparency?
  • Have any of the principals or their team been involved in any legal/litigation issues that should be disclosed?

Life Settlement Providers:

  • Specialize in purchasing life insurance policies in the life settlement market.
  • Normally raise capital from institutional investors.
  • Working directly with a provider may eliminate intermediaries and expedite the transaction.

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