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Our Process

The Process

Settlement Timeline

The life settlement process typically takes anywhere from 4-9 weeks. The most time consuming process in a life settlement life-cycle is acquiring necessary information to underwrite and price your case.  Such items include medical records, policy information, ownership information and verifications of coverage.

 

Step 1

Submit application completed in full. If you have recent medical records (5 yearrs or less) or in-force policy ledger available please include with application.

Step 2

ILSA will order medical history and required illustrations if not provided.

Step 3

We review your application & medical history to determine the likelihood applicant will receive secondary market offers.  ILSA will contact you with these results.

Step 4

ILSA uses the underwriting results and submits your case to the best suited financial institution that will be most aggressive with your unique case variables.

Step 5

ILSA then negotiates the highest market value of your policy. This is done by putting these institutions in a "bidding-war" over your policy.

Step 6

Once an offer is accepted, closing documents are prepared and sent to the seller (applicant).

 
Step 7

Documents need to be signed, notarized, and returned along with policy change forms and trust documents if applicable to finalize the purchase of your policy.

Step 8

Policy change forms are then submitted to your life insurance company for transfer of ownership and policy rights to the purchasing entity. Once transfer is completed and verified, funds are wired to the policy owner.

Step 9

Rescission Period - Depending on your state specific regulations, policy owner may have up to 15 calendar days to change their mind about the sale of their policy.

Important Things To Know:

  • Make sure your application is completed in full & signed
  • Make sure your client understands that the process can sometimes take a long time and your client's availability is key to our service
  • Provide us with as much information as possible to help shorten the processing time (medical history, illustrations etc..)

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