How To Speed Up The Life Settlement Process
- Windsor Life Settlements
- July 2, 2023
- 7:32 am
Windsor’s life settlement process consists of five steps:
- Step One: Get a quote using the life settlement calculator.
- Step Two: Request and complete your inquiry forms.
- Step Three: Underwriting
- Step Four: List your policy in the marketplace and begin receiving offers.
- Closing: Accept the highest offer and get paid!
The first two steps can directly affect the length of the process. Once you get your estimate from our calculator, request and complete your inquiry forms as soon as possible. The life settlement inquiry form is 5-6 pages. It explores the specifics of policy and your medical history.
Once you’ve completed and signed your inquiry forms, we can get a real sense of what the policy is worth and then begin Underwriting.
As the policyholder, you can even help speed up the Underwriting process. You can:
- Call your doctor to get your full medical records.
- Contact your insurance company to get your in force illustration.
We are happy to request these documents on your behalf. However both the doctor’s office and the insurance company will certainly move faster when dealing with you directly. Often times, the insurance company will make us wait a full 90 days to get the in force illustration! If you called, they would provide it right away.
Lastly, a specialist at Windsor may reach out for additional documents or clarification about some things. So, it pays to be available and responsive to the Windsor specialist managing your case.
Why Some Policies Sell Faster Than Others
Many policies can be sold quickly for smaller cash payouts at any time. Companies that buy life insurance policies directly from the policyholder want to buy policies for the lowest possible price early in the process.
However, many policies are too valuable to sell this way. When this is the case, consider listing a policy for sale in a marketplace like the Windsor Marketplace. This way, buyers can bid and compete for your policy in an auction-like process that drives the price up for you.
So, before you begin the process, it pays to use a life settlement calculator. Windsor’s calculator will give you an estimate range. If you are living with a terminal illness, or over age 75, expect your offer to be towards the upper end of that range.
Policies That Attract The Most Buyers
The Windsor Marketplace is reserved for only the most qualified policies. Once listed, buyers will compete and bid for the policy, driving the price up.
There are characteristics of policies that result in greater returns. If your policy fits this description, consider receiving competing offers from a marketplace:
- The policy has a face value of more than $100K
- The insured person is over age 75, or
- The insured person is living with a terminal illness
A Life Settlement Process That Pays
When you list your policy for sale in the Windsor Marketplace, we financially invest in your case. We also comb through all the fine print in your life insurance policy for riders and benefits that might actually be more valuable to you than a life settlement. The specialist assigned to your case will also help you gather the medical records required to begin the Underwriting process. Once your policy is listed, your specialist will market your policy and encourage buyers to increase their bids where possible.
Financially Invested In Your Case
Throughout our Underwriting process, the fees to gather the required documents can range from $2,500-4,000. These fees are paid by Windsor. With our own funds invested, you can be sure we want the highest offer possible, just like you.
Gathering And Studying The Documents Required To Market Your Policy
Part of the process will involve working with a specialist at Windsor to read over all of the fine print in your policy. Many times, our specialists will find riders or benefits that will affect how much you can get from the policy. In many cases, we find options that are even more beneficial than a life settlement. Your specialist will also help collect the medical records required to begin Underwriting.
Listing Your Policy, Receiving Competing Bids
Once your policy is through the underwriting process, it’s time to list it to the marketplace to begin receiving offers.
**During this time, it may make sense for the policyholder to cease shopping companies once a policy is out to market. The life settlement marketplace does not want to see your policy being shopped by multiple companies or brokers. It creates instability and uncertainty which can spook buyers, and ultimately limit the final offer you receive.
Securing The Highest Offer And Closing The Deal
Once the auction-like process has started, your Windsor rep will work to find you the highest offer possible. They spend time fielding phone calls and emails letting buyers know why they should purchase your policy.
Once the final bid is submitted and all others have dropped out, the policyholder then has the final say in accepting the deal.
Once you accept an offer the funds are moved to an escrow account. Closing documents are then be prepared and signed.
Once everything is finalized the funds are released to you in full!
Everybody Wins, Except The Insurance Companies
Everyone wins when a policy sells in the Windsor Marketplace.
- The policyholder almost always secures a higher cash offer and is relieved of their monthly/annual premiums.
- Windsor recovers their invested funds and a service fee.
The only party that is not too happy is the life insurance company. They are most profitable when policies lapse. In a life settlement, they will now almost certainly have to pay the new beneficiary at some point.
Do You Need To Sell Your Policy Quickly?
If time is a critical factor, it may seem like skipping this process might make sense. However, a policyholder may still be able to take advantage of the auction process while still selling their policy quickly if they gather the necessary documents on their own.
Although a broker can certainly acquire these documents on your behalf, insurance companies and medical providers will certainly expedite the process working with you directly.
On average, this has reduced the time required for the life settlement process by over 30 days!
When You Need A Good Strategy
Policies with greater potential require a better strategy. Listing your policy in a marketplace to secure competing offers helps make sure you get the highest offer possible as quickly as possible.
- Author: Windsor Life Settlements
- Published Date: July 2, 2023
- 7:32 am
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