It’s no secret that insurance companies don’t like the life settlement industry. When a policy is purchased as a life settlement, by definition it will be held until the policyholder passes away, and the insurance company will have to pay the death benefit. We know that insurance companies make most of their money when policies lapse, and it’s fair to say that if every life insurance policy was purchased as a life settlement, then the entire industry would collapse. At the moment, there’s a wary synergy between the settlement industry and the life insurance business.
Aside from the insurance industry not liking life settlement companies, those of us who have been involved with life settlements for a while know that the dislike goes even further. The insurance industry has fought us for decades: sometimes in court, many times in state legislatures, and often with insurance regulators around the country. They have also waged a battle on the front lines, by discouraging agents from even discussing life settlements with their clients. This is particularly true of captive agents who work for the biggest names in the industry. We have heard there’s an unwritten rule that while insurance companies and broker-dealers can’t truly prohibit life settlement transactions, they absolutely frown upon them and make it known that agents should steer clear.
We created PolicyAppraisal.com as a way for agents and advisors, even captive ones, to do the right thing for their clients. We created a process that’s easy and confidential, so agents can get a clear picture of the value of a client’s policy through our quick, proprietary process. We understand the restrictions that some agents face, and we truly want to help the policyholder.
Here’s an easy guide to the process:
1) Reach out to PolicyAppraisal.com in the manner that is easiest for you. We have a web-based form, but we also have a unique text message option that enables you to contact us using your phone from anywhere. And don’t forget that we are also old school, so we take traditional, “dial the digits” phone calls.
2) Provide just the basics about the policy and the client. We have a proprietary system that doesn’t require the distribution of all your client’s personal and medical records. We can analyze a policy and a client without a million invasive questions.
3) We send a detailed, confidential appraisal that enables advisors and agents to make sensible decisions for their clients.
We believe it is part of our mission to make it easier for agents and advisors to make recommendations about life settlements for their clients. Our process eases the point of entry, so that any agent, even captive ones, can make a quick and confidential assessment of a life policy.