Application: Start by filling out an online application here, or call to speak with one of our Life Settlement Specialists at 1 (800) 561-4148 to get started. You will be asked questions about basic personal information, health, and your life insurance policy. Medical release forms are then signed which allows Abacus Life to access your medical records and policy information. Medical release forms are required in order to accurately determine the cash value of your policy.
Documentation: Abacus Life, using the provided medical release forms, acquires your basic health and life insurance policy information. A doctor’s appointment may be required in order to get a medical release form.
Review: Once all required information is gathered, we will review your policy information and decide whether or not to make an offer. This is completed on an individual basis.
Offer: If an offer is made, this will be communicated to the policyholder or advisor (broker or insurance agent) as applicable.
Closing package: If an offer is accepted, Abacus Life will put together a closing package. Each life settlement closing package varies by state. The most common documents seen in a closing package includes a letter of competency (LOC), verification of coverage (VOC), life settlement contract, life expectancy reports, change of ownership form (COO), and a change of beneficiary form (COB).
Funds Transfer: The closing package has been completed and the change of ownership documents have been verified. Now your life insurance policy is owned by Abacus Life. This means that the policy owner no longer has to worry about paying premiums and your funds are on their way. Funds can be released through a single direct deposit, check, or through a series of payments over a specified amount of time (pre-determined).
Learn more with our in-depth guide here.