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Life Settlement Process
The life settlement process is straight forward but takes time to do correctly. Amrita Financial's online life settlement system spells out each step of the process while ensuring you have total control and access to all important information. The life insurance settlement process follows the steps outlined below:
- Appraise: Use our online life settlement appraisal tool to get an instant estimate of your life insurance policy's value in a life settlement and potential demand from buyers.
Estimated time for completion = 30 seconds
- Create an account and list a policy: Register online to set up an Amrita Financial account. Once registered you can list a life insurance policy to sell.
Estimated time for completion = 2-3 minutes
- Submit release forms: Sign the privacy and medical release forms, then submit to Amrita Financial. This allows Amrita Financial's system to electronically request the insured's medical records and provides authorization for us to view the information. All insured and policy seller information is held in the strictest confidence.
Estimated time for completion = 20 minutes
- Insurance & Medical information: Amrita Financial's system automatically requests the necessary insurance and medical documentation once release forms are received from the policy seller. Insurance carriers and medical offices vary in their response time to our requests.
Estimated time for completion = 3-20 business days
- Analysis by independent 3rd party: The medical information is reviewed by an independent medical expert to make a life expectancy estimate. This estimate is strongly considered by potential buyers when creating their life settlement offers. Nothing needs to be done by the life insurance policy seller in this step.
Estimated time for completion = 1 week
- Receive offers: Amrita Financial's system makes the life insurance policy available to potential buyers for bidding. Our online system is connected to a very large number of financial institutions that buy life settlements. These financial institutions receive the medical records, insurance documentation, release forms and independent medical analysis. They will evaluate this information and consider a policy's death benefit, premiums, insured's age among a number of other factors before submitting a bid. Once they do submit bids, they will be blind bids, meaning they don't see what other potential buyers are bidding.
Estimated time for completion = 1 week
- Review offers: Our proprietary system allows a policy seller to see ALL life settlement bids & commission refund in real time. Seeing the life settlement offer from a buyer and the commission refund from Amrita Financial provides the true payout that a policy seller may expect. If the policy seller wants to decline all offers, that is your right. There are never any fees, expenses, obligations or costs to decline an offer. If the policy seller wants to request a second or even 3rd round of bids in attempt to increase the offers that is an option as well. That can easily be done online through the Amrita system.
Estimated time for completion = 1-3 weeks
- Accept offer: Choose whatever offer you like. Nothing is hidden or kept from a policy seller. You know exactly where you stand with the sale of your policy and potential life settlement payout at all times. Therefore you have all of the information you need to make the best financial decision. Once again, you can decline all offers without cost or obligation.
Estimated time for completion = 5 minutes
- Escrow: Upon acceptance of an offer, the life settlement begins an escrow process. Contracts and insurance policy change of ownership documents are forwarded to the policy owner or their representative for review and signatures. The financial institution that is buying the life insurance policy funds the escrow account with the life settlement payment.
Estimated time for completion = 3-10 days
- Life settlement paid: Within 72 hours of the policy being transferred the life settlement payment is made to the life insurance seller.
- The seller has 15-30 days to cancel the transaction after receiving the money. This varies from state to state.