In part 3 of the series, we describe how life insurance companies (carriers) may contribute to the difficulties in getting a timely Life Settlement.
Issue #18: Most carriers delay creating life insurance premium illustrations.
Life Settlements could be 30% faster if carriers would just do their jobs promptly.To issue binding Life Settlement quotes, Life Settlement Providers must know the level annual cost of premiums to age 100. Carriers know that such an illustration is an essential part of a Life Settlement transaction. An illustration can be done in 20 minutes, but carriers usually take three or more weeks. Life Settlement Brokers secure these illustrations with cooperative carriers. When carriers are obstructive, Policy Owners must get involved.
Issue #19: Some carriers insist on working only with the Policy Owner