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What Documents Are Needed for a Life Settlement Review?
By Saul L. Appel, CLU®, ChFC®
A life settlement review begins with facts. Providing complete information early can reduce delays and help buyers evaluate the policy accurately.
The most useful policy documents are the latest annual statement, a current in-force illustration or ledger projected to maturity, premium history, policy specifications, and information about any loans, liens, or collateral assignments. For term insurance, the conversion deadline and available conversion options are especially important.
The policyowner will also need to provide basic information about the insured, including age, general health, major diagnoses, medications, and treating physicians. Medical records are normally requested only after the insured signs an authorization. Personal information should always be handled through a secure process.
If a trust owns the policy, the trustee and relevant trust documents may be needed. If a business owns it, buyers may request corporate authorization and ownership records. A recent beneficiary designation can also help identify issues that should be addressed before a transaction moves forward.
Do not delay a preliminary review because every document is not immediately available. Start with the policy statement, insured’s age, general health, death benefit, carrier, and annual premium. The missing items can then be identified clearly.
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Saul L. Appel, CLU®, ChFC® | President, Appel Financial, Inc. | 50+ years experience