Streamlining the Life Settlement Process

Streamling the life settlement process can be an important factor for those individuals that have a financial obligation or worse yet, terminally ill. The life settlement process can be complex if not done correctly. At Ideal Settlements we have an obligation to our clients to evaluate an applicant and put them through the process with the best chances of obtaining a life or viatical settlement. Part of streamlining the life settlement process includes an initial consultation with the policyholder or financial representative. During the initial call we will pre qualify the applicant based upon several different factors.

These factors include:

• The client should be 65 years of age or older for standard life settlements. If the insured is terminally ill there are no minimum age requirements.
• We prefer the policy is $100,000 or more
• The life insurance policy must be beyond the contestability period
• The policy should be Whole Life, Term (convertible), Universal Life, Survivorship, Joint Survivorship, Variable Life or Key Man
• The insurance carrier must be a USA based insurance company with a B+ rating or better

By going through a pre qualification process we can distinguish which clients may be eligible to receive a life settlement.  During the pre qualification stage we can answer all your questions you may have regarding the life settlement process. Ideal Settlements will request the client or financial professional provide the necessary medical reports required for processing an application. If the policyholder or financial professional does not have access to their medical files, Ideal will work directly with the doctor or medical professional in obtaining the necessary files. We work diligently throughout this process because we know the importance of getting cash to our clients.

Ideal Settlements is committed to streamlining the process for each client. When preparing the package for the client it’s important that nothing is left out that could slow down the process. Once the package is complete we immediately send it out to competing financial institutions that will look at your package and determine the value of your life insurance policy. It is important to understand there is almost always a variance between offers.

While we make every effort to getting our clients approved in a judicious manner the most important part of the process comes down to negotiating a higher settlement offer for our clients. We have over 50 different funding sources which will receive an application; however we will only work with a handful of funding sources during the negotiation stage. These funding sources are the companies that offer the highest strike value for the life insurance policy.

In order to streamline the process a company must have the admin to process and package an application and the negotiation skills to get the client top dollar for their life insurance policy. At Ideal we cover all facets of the life settlement process in a timely manner. We believe that our business processes have put more money in the pockets of our clients in a shorter period of time. If you are looking for a company that is willing to go over and beyond Ideal Settlement can help.

Our Life Settlement Process

The First Day
We immediately contact the client or financial professional to introduce our company and answer any questions regarding the life settlement process. Ideal will request necessary paperwork from the applicant in order to get the process started. This information will include basic contact information, copy of the insurance policy and copy of a photo ID. 

We immediately begin our medical and insurance underwriting process. We request both medical records and perform a verification insurance coverage.

Week 1-3
The process time varies depending on how long it takes your doctors and insurance company to complete our requests for required information. We also at no cost to the client order life expectancy reports which are viewed during the underwriting process.

Week 3-5
Ideal will negotiate with all the applicable funding institutions to obtain the highest offer available. After negotiations, we present the highest offer available to the client. (This offer can be accepted or denied, there is no obligation.) Once accepted: Closing Documents are sent to the policy owner and the settlement funds are placed in escrow

Payment of Settlement
The funding institution receives written verification of policy transfer from the insurance carrier. Once the process is complete settlement funds are released within 24-72 hours. This can vary depending how long it takes for you to send back closing papers and your insurance company to confirm the transfer of policy ownership.

Whether you are the policyholder or agent we will work directly with you during the whole process assuring any questions are answered in a judicious manner.

If you are searching for a life settlement or viatical settlement, contact Ideal Settlements today.