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How does it work?

Sourcing a life settlement is a specialized process. A qualified life settlement broker will need to secure from the policy holder dozens of releases and detailed personal medical information. The entire settlement process can often take three to six months. Behind the scenes your life settlement broker will (should) secure several Life Expectancy Projections. These projections are expensive to obtain from qualified third parties. Since no one can predict exactly when someone will expire, having a sample range of expectancies allows your broker to seek the best value for you. After obtaining several LE's, they will begin to source with several institutional funders to obtain the best value for the policy holder. One Life Settlement firm seeks quotes from 42 institutional funders, so this process can be arduous. By getting a larger number of bids, the probability of maximizing value is increased. Due to the labor intensive nature of the process, and the relatively low frequency of occurrence, most insurance agents will partner with a qualified Life Settlement Broker to obtain the best value for a client.

Generally speaking you will want a broker that only uses institutional sources for funding to avoid the "Soprano factor". (selling to a small funder who may have an interest in collecting quickly) Institutional relationships can be difficult to cultivate and a reputable broker will provide you with the complete set of bids offered and who made the bid at closing.
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