The Settlement Process

Welcome Funds Inc.’s knowledgeable staff will do its best to expedite the Life Settlement process and provide each client and/or agent with an honest and informative experience. Please understand that every case may not qualify, although we will exhaust all attempts to obtain a viable offer from a reputable and registered provider. It is our fiduciary duty to negotiate with these providers and do our best to obtain the highest possible offer we can for each and every client.

Based on Welcome Funds Inc.’s experience over the years, the process generally takes between four (4) to six (6) weeks from submission of the application to presentation of offers. Summarized on this page are:

1. The step by step life settlement process.
2. The key factors which determine the time frame.

The transaction process - step by step

1. Complete our application, disclosure and authorization forms and provide us with all necessary documentation.
2. When these forms and documents have been received, our work begins.
3. Our staff will immediately review your application, making sure all documents have been completed properly. Please remember to submit a copy of the life insurance policy.
4. Next, your life insurance and medical status is verified by acquiring all of the necessary documentation from your insurance company as well as your doctor.
5. Once the proper information is verified, your case file is then reviewed by an insurance specialist and professional medical expert.
6. Based upon these reviews, your file is evaluated and negotiations begin with multiple providers.
7. We will negotiate the absolute highest settlement amount available we can for your policy. Please review our negotiation process for more detailed information.
8. We then relay the highest offers to the applicant and he/she decides whether or not to sell the policy.
9. If the offer is accepted, then legal closing documentation is drafted and mailed overnight to the policy owner (applicant), which includes: a purchase and sale agreement, life insurance policy change forms, beneficiary waivers, etc… These documents must be signed, witnessed and notarized in order for the transaction to be completed.
10. Upon the return of these closing documents, the policy change forms are then submitted to your life insurance company to transfer the rights of the policy to the provider, who purchased your policy.
11. Payment to the provider is completed via bank check or wire, within twenty four (24) to seventy two (72) hours following the verification of the life insurance policy transfer of ownership and beneficiary rights to the policy. Please note that this time period may differ by state, depending on existing state law and provider agreement in non-regulated states.
12. Policy owner has the right to change his of her mind from the date funds are received (rescission period). This period varies from state to state and ranges from seven (7) to potentially thirty (30) days. Please check your Life Settlement Purchase & Sale Agreement and/or state regulations for the applicable time period. [Note: fifteen (15) calendar days is the most commonly used timetable].

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Key factors

1. Completed application. Our application must be completed in full. It is also required that the policy owner and insured complete our Release of Information Form. This form allows us to contact doctors and insurance companies to request the necessary documentation required to determine qualification status. Please also remember to submit a copy of the life insurance policy.
2. Acquisition of medical records. This can cause considerable delays. If we are provided with a complete medical file (most recent four (4) years of records), then the process can be completed quickly. Otherwise, we must request this information from the insured's doctors, which can take two (2) to three (3) weeks on average.
3. Verification of life insurance policy. The insurance company must complete our verification of coverage form. This usually takes between seven (7) to thirty (30) business days.
4. Availability of applicant. This process can be delayed if we cannot contact the applicant in a timely manner. This is very seldom a problem for those who are motivated to learn their qualification status and receive available offers.

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What Is The Next Step?

1. Return to our Home Page.
2. Learn more about Life Settlement Process.
3. Review the qualification requirements for a Life Settlement.
4. Read the most frequently asked questions on Life Settlements.
5. Analyze the tax implications of a Life Settlement.
6. Examine some recent Life Settlement Case Studies.
7. Request our Free Educational Package or visit our Download Center!