Life Settlements | > The Settlement Process | Life Settlements vs. CSV

The Settlement Process for Insured or Policyholder.

– Appraisal Submission

Client submits a completed appraisal form to ViaTrust.

– Underwriting (1-3 Weeks)

The ViaTrust underwriting team will then obtain your medical records* and the necessary insurance information in order to perform underwriting. ViaTrust uses a medical underwriting process very similar to what your insurance company uses to determine if you can purchase new life insurance.

*Clients who submit their medical records with their case can save two weeks in the underwriting process.

– Offer Negotiation (7-10 Days)

The negotiation process is a 3-tier process.

– Closing (2 Weeks)

After a client has accepted an offer, the financing entity will then send policy sale and transfer contracts to ViaTrust.

ViaTrust will then send these contracts to be completed by the policy owner; once completed the policy owner will send the contracts back to ViaTrust in the included prepaid envelope.

ViaTrust will then review all the information provided by the client to make sure all necessary paperwork is included.

ViaTrust then provides the escrow company with the sale contracts and all the required paperwork so they can begin to transfer ownership and beneficiary rights of the life insurance policy. Once the insurance company has made these changes, and the escrow company has confirmed these changes, the escrow company will release the funds to the policy owner.

This may sound like a lot of things happening, but with ViaTrust working for you, it will be secure and comfortable experience.

– A Note on the Paperwork needed

Different cases require different paperwork, it is important to have all the documents needed to complete a case. This saves time in underwriting and also avoids delays during the closing process.

– Always required documents

• Last 5 years of medical records
• Copy of the Policy holder (s) Photo ID
• Letter of Competency (signed by one of the policy holder's doctors)
• Original Copy of the Life Insurance Policy or Term Certificate
• A policy illustration

– Other documents if applicable

• Copy of Divorce Decree
• Copy of Bankruptcy Discharge
• Copy of the Trust (If the policy is in any type of trust)
• Copy of the power of attorney