May 2010, Volume 4, Issue 4 |
Exploring the life settlement option for clients |
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By Linda Koco - There is a "hidden secret" about which life settlement advisors and clients should know, says William Scott Page. The secret is that there is "ongoing maintenance" after the settlement transaction has been completed, says the chief executive officer of Track-Life, Atlanta. This maintenance comes in the form of what the industry calls "policy tracking," and it is one of the obligations of the settlement contract, says Page. Many states require that it be done, but many advisors don't know about or don't discuss this with…
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Question: Some of my clients are concerned by the idea that their life policy may be purchased by an overseas interest. They say they would "feel better" having a U.S. buyer. How can I respond effectively to this concern?
Four states have enacted laws that require insurers to notify policy owners that the owners have alternatives to cashing out, accelerating or lapsing their life policies. Which of the following are the four states?
a) Washington, Illinois, Idaho, and Florida
b) Oregon, Florida, Nevada and Mississippi
c) Maine, Rhode Island, Texas, and Nevada
d) Ohio, Georgia, Indiana, and California
e) Washington, Oregon, Maine, and Kentucky
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the four states
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