Simplification of the Contract Execution Process puts a settlement check into the hands of the policy seller much sooner
NEW YORK, May 19th, 2015 –
Abacus Life Settlements, a leading life settlement provider in the secondary market for life insurance, today announced that it has introduced new efficiencies into the contract closing process that will significantly reduce the time it takes to execute a life settlement transaction. The business benefit of facilitating more rapid execution of the funding process will ultimately increase customer satisfaction on the part of the policy seller.
Company officials noted that life settlement transactions typically involve numerous legal documents that must be signed and notarized by the policy seller, beneficiary, and insured. Unfortunately, the lengthy contracting and due diligence period found in the industry can create additional premium payments and stress for life settlement sellers.
In traditional life settlements for seniors, delays in the contracting period have created additional premiums for policy sellers, who are required to continue making costly premium payments to the carrier until the transaction is complete. In settlement cases where the insured has a terminal illness like cancer, the family may want to use the funds to pay for expensive medical care or make plans to create memories with their loved ones while they are still healthy. A lengthy contracting and due diligence process could be stressful and waste valuable time for everyone involved. Abacus discusses this topic further in their video entitled “Financial Help for Cancer Patients.”
By addressing redundancy in language, reducing excess paperwork, and combining documents that require notarization, Abacus has been able to significantly slash the time to complete a life settlement transaction.
“Our goal is to remove any process impediments in order to get the settlement check into the hands of the policy seller as quickly as possible,” said Samantha Butcher, Director of Operations. “In any transactional process, speed to market and rapid delivery time are the most important ingredients to success, and we are committed to introducing business practices and workflow processes to achieve that goal,” Butcher noted that the most significant improvement is a 50% reduction in the number of notary requirements.
Other improvements involve a 25% reduction in the number of signature requirements and a 14% decrease in the number of pages in the company’s contracts. The new contracts are now available in 4 states and will be implemented in the other states as they are approved.
As one of the nation’s most experienced life settlement providers, Abacus Settlements continues to adapt its business model to meet the demands of consumers and the changing needs of the marketplace.
About Abacus Settlements, LLC
Founded in 2004, Abacus Settlements, LLC is a licensed life settlement provider with locations in New York and Tennessee. An active member of the Life Insurance Settlement Association (LISA), Abacus works with professional advisors and consumers in optimizing the value of their life insurance policies. Abacus is committed to providing consumers with the knowledge they need to make informed decisions regarding life insurance policies that are no longer needed or affordable. A life settlement may not be appropriate for all circumstances. Policy sellers should consider all options before entering into a Life Settlement. Abacus Settlements is not licensed in all states. Visit https://abacuslifesettlements.com for more information.