Thankful quote from DT
You guys are steller, every time I needed you, you’ve always been there for me. –DT
Email appreciation from a recent client
Sent: Monday, January 25, 2010 12:16 PM
To: Noam S. Weiss
Subject: Thanks again.
Dear Noam,
I wanted to send you a brief thank you for all the effort you and your staff put into my life settlement process. Just the amount of work involved to get my medical records would have been, for me, almost overwhelming and I am so very glad to have had that task completed by your knowledgeable company. While I knew the process would be a lengthy one, it was almost painless with your help. I, again, thank you very much and wish you and yours all the best.
Regard,
ML
Clinton, Ms
Five Common Mistakes That Devalue Your Life Settlement Transaction
This article was published by the Estate Planning newsletter of the Society of Financial Service Professionals in August 2009.
Five Common Mistakes That Devalue Your Life Settlement Transaction.
Upgraded Replacement Case Example
This client needed to continue his life insurance coverage. His existing term policy contained conversion privileges. Instead of letting his existing term policy lapse, we were able to generate a life settlement offer. The proceeds from this transaction were used to fund a new term life policy with premiums slightly lower (due to changes in the pricing of the insurance products) for two full years. So, the client walked away with 9 additional years of term coverage without a premium for 2 years and still maintained the conversion privilege if needed at a later date.
Sale of a term life insurance policy
A life insurance agent recently conducted a yearly review of his client’s life insurance policy. Noting that the policy was soon to run out of conversion privilege, he decided to explore options on this policy. After realizing the estate had shrunk and the need for insurance was less than previously calculated, the agent recommended a Life Settlement for the client.
After waiting for the 8 week underwriting process to complete, he was happy to learn that SBA had found an institutional life settlement provider who would allow him to convert the policy as the writing agent and sell the new universal life policy for a percentage of the death benefit. Without the annual review, the agent never would have found the opportunity that the client needed to fund a long term care product that he desired.
Gratitude for Life Settlements as a financial planning option
“One simple change. Noam Weiss’ advice to turn to my lapsing clients and offer a Life Settlement has changed the way my customers perceive me. These clients, who in the past were disappointed that something I sold them no longer worked for them, now see how I am helping reconfigure their financial portfolios and salvaging the losses in the variable insurance market. This technique works…”
-M. Peterson, CLU in West Palm Beach Florida
Life Settlement funds nursing home expense
Recently, the son of an 88 year old male approached Settlement Benefits Association to request an appraisal on his father’s life insurance policy. The son could no longer afford to pay both the premiums on the policy and the nursing home expenses the father required. Although the $205,000 policy is considered small in our industry and the insurance carrier rating was “B”, we were able to overcome these hurdles and generate bids by showing his extensive medical history to the life expectancy underwriters.
The final offer satisfied the son, and we were to complete the transaction for the family.
An immediate reaction to Life Settlements
“Thank you for the call today. I really believe in this market and the benefits that it can bring to my book of business. I’ll be sending you that first case next week.”
-Paul V., CLU
SBA surpasses competiting broker’s offer by over $100,000
This client’s estate planning attorney contacted Settlement Benefits Association to conduct a Life Settlement appraisal. They had a combined offer from another broker of $900,000 for the client’s two $5,000,000 policies. After extensive negotiations with various licensed providers, SBA was able to get the client $1,010,000. By being thorough, SBA provided significant value to this file and this client.
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