Abacus Life Settlements, a leading life settlement provider in the secondary market for life insurance, announced today that it was granted a life settlement provider license by the West Virginia Offices of the Insurance Commissioner. Abacus is now licensed to purchase life insurance policies in 40 states, as noted on the company’s web page at www.abacuslifesettlements.com/licensure/.
“Abacus Life Settlements looks forward to expanding its secondary market services to the close to 2 million residents in the state of West Virginia, 18% percent of whom are seniors 65 or older,” said Samantha Butcher, chief operating officer of Abacus. “We encourage West Virginia policy sellers to visit our Life Settlement Learning Center and to use our online pre-qualification and pricing tools.
As the state with the third highest percentage of seniors, West Virginia’s licensure process for viatical and life settlement providers is considered one of the most rigorous in the nation. Abacus is honored to be among the few providers who are approved by West Virginia’s Offices of the Insurance Commissioner to work with policy owners residing in the state.
West Virginian’s suffering from major illnesses also have access to Abacus, as the provider is well known for assisting those that are struggling with medical bills or having trouble keeping up with the overall financial burden that being sick can place on an individual. Abacus is second to none in the life settlement industry when it comes to viatical settlement underwriting and offer values.
West Virginian’s will now have access to Abacus Express, a program exclusive to Abacus clients and select business partners that cuts the traditional life settlement timeline of several months down to only a few weeks, or sometimes days. Butcher noted that Abacus’s industry ranking, which places it among the nation’s top three providers, strengthens the company’s market position when competing for policy acquisition and new investment capital and also allows for unique programs like Abacus Express.
Abacus believes the recent resurgence of the secondary market for life insurance provides senior consumers with a valuable funding source for alternative income-producing investments. For aging baby boomers who may be financially ill-prepared for their own longevity, life settlements can be a source of funds to help pay for medical and long-term care expenses.
Abacus officials expressed optimism that the industry’s robust growth trajectory will remain strong as more seniors choose to optimize their insurance assets, and as institutional investors capture yield while insulating investment portfolios from stock market volatility.
About Abacus Settlements, LLC
Founded in 2004, Abacus Life Settlements is a licensed Direct Life Settlement Provider and Buyer headquartered in Orlando, FL. Abacus is capitalized by several institutional funds, purchasing life insurance policies in the secondary market for life insurance. Abacus responds to the needs of Professional Advisers and Policy Sellers seeking to optimize the value of unwanted or no longer needed life insurance policies. Policy Sellers, Life Settlement Brokers, and Agents know they can count on Abacus to deliver the fair market value of each policy that we purchase. For more information, visit www.abacuslifesettlements.com.