According to the National Association of Insurance Commissioners (NAIC). $112 billion dollars’ worth of life insurance policies are forfeited annually in the U.S. That number is even more sobering when you consider that 90% of seniors would have considered a life settlement if they knew the service existed1. There is a clear demand in the market, the question is whether or not you’re capitalizing on it.
Traditionally, selling a life insurance policy can be a long and uncertain process involving months of collecting medical records and policy illustrations without certainty of a reasonable offer. This period of time is a policy blackhole; where clients can be facing ongoing obligations to pay premiums and possible policy lapse. Abacus has identified that service gap, and has come up with a solution to fill it, Abacus Express.
As one of the largest vertically integrated providers in the industry; Abacus has created one of the most streamlined approaches to determinizing the valuation of a policy. From APS retrievals and life expectancy evaluations, to pre-pricing and direct purchasing. We support every step of the settlement buying process under a single umbrella.
Our product offerings are designed from the ground up to turn the potentially long and confusing process of selling a life settlement into something quick and simple. Not only do clients save big on fees and premium payments; the emotional cost from stress and anxiety is significantly lessened as well.
So, how does Abacus Express actually work?
We help clients benefit from market value based on mortality evaluations without the need for traditional underwriting. Our simplified underwriting allows us to deliver a faster product that is still based on intelligent analytics and a client’s medical history.
We conduct a 20-minute medical interview over the phone. The results of the call are entered into our advanced analytics to determine an extremely accurate mortality evaluation. Allowing the client to obtain an offer based on their individual medical impairments in a fraction of the time it takes others in the industry.
Abacus has streamlined the closing process. From start to finish, our revised contracts contain almost 30% fewer signatures and notaries. In addition, we have consolidated many of the closing requirements that cause unforeseen delays in the time it takes a client to receive their funds.
Free & Immediate Pricing
The only thing required for pricing is an illustration and a summary of the client’s medical history. We don’t believe in wasting anyone’s time, if the settlement is a non-starter, you’ll know quickly.
In addition to our proprietary funds, Abacus represents some of the most capitalized investors in the life settlement industry. This variety and depth of funding options allows your client to access a broader level of investors to maximize their policy value.
The flexibility that Abacus Express provides also allows us to offer a unique program…
Lapse Saver Program
We can generate an offer in less than 2 hours and have contracts delivered in less than 48 hours with money confirmed in a third-party escrow account. There is no such thing as “too late” until the policy is officially under full control of the insurer.
With our full complement of product offerings Abacus can accommodate nearly any life settlement. Your clients don’t have to join a growing list of policyholders that have lapsed on policies with tangible dollar values.
For more information on Abacus Express or Life Settlements please reach out to us at 1-800-561-4148, or email us at [email protected]