Summary
- A common mistake sellers make after qualifying for a life settlement is not having the original policy document.
- Carriers will require 30+ days to issue a replacement or certified duplicate, which will delay the closing process.
- Requesting your original policy immediately—before underwriting begins—keeps your sale on schedule
- For permanent policies (Whole Life or Universal Life), a copy of the most recent annual statement, which helps buyers price the policy more accurately.
- Applies to both the life settlement and viatical settlement process.
Step One: Locate Your Original Policy Document
After a policyholder accepts an offer, the life settlement closing process can now begin. However, a seemingly small detail can bring the entire process to a grinding 30-60 day halt:
…the original life insurance policy document.
Carriers require either the original policy or a certified duplicate before they will process a change of ownership. Without that document, your sale simply can’t close.
Unfortunately, many policyholders don’t realize this until the final stage of the transaction—when it’s too late to avoid delay. Once a replacement is requested, most insurance carriers take at least 30 days to produce and mail a certified copy. In some cases, it can take even longer if your policy is older or was originally issued through a now-merged insurance company.
Why the Original Policy Matters
That policy document is the legal contract that defines your coverage, ownership, and obligations. It includes key information needed to:
- Verify the policy number and issue date
- Confirm ownership and beneficiary designations
- Validate riders, premium schedules, and conversion privileges
- Execute the ownership transfer legally during closing
Without it, the provider and escrow agent can’t complete the required paperwork, and the transaction stalls until the carrier issues a replacement.
This is why the life settlement brokers at Windsor advise every policyholder to locate and secure the original document right away, as early in the process as possible.
How to Request a Certified Duplicate
Do this part now. If you can’t locate your original policy, contact your carrier immediately and ask for a certified duplicate copy. This is an official replacement that carries the same legal authority as the original.
When speaking to the carrier:
- Have your policy number ready.
- Ask if they can expedite the request.
- Confirm the mailing address where it will be sent.
Most carriers require written or notarized confirmation before sending a certified duplicate, so it’s best to start the process early—ideally at the same time your broker begins collecting medical records.
Don’t Forget the Annual Statement (Permanent Policies)
If your policy is Universal Life or Whole Life, you’ll also want to request the most recent annual statement, typically sent around your policy’s anniversary date. This document provides valuable insight into:
- Recent premium payments
- Cash value and current interest rate
- Policy charges, expenses, and any loans
Windsor and our buyers use this information to accurately price your policy and determine its real market value. Having it ready early can help shorten underwriting time.
Many life settlement delays come down to missing paperwork. By securing your original policy (or certified duplicate) and annual statement at the start, you give your broker everything they need to move efficiently from offer to closing with minimal friction.