Tuesday, October 21st - Life settlements 101, Marc Ruskin, Life Equity, LLC
A life settlement is a financial transaction in which a life insurance policy owner possessing an unneeded or unwanted life insurance policy sells the policy
to a third party instead of simply terminating it and receiving no money (in the case of term insurance) or only the cash surrender value of the policy (in the case of cash value life insurance). In such a transaction the seller profits from the sale, and the purchaser, typically an institutional investor, becomes the new beneficiary of the policy at maturation and is responsible for all subsequent premium payments.
The concept has gained attention from high-profile proponents such as Warren Buffett, former U.S. Representative Bill Gradison, and numerous media sources includingThe Wall Street Journal, Time Magazine, Business Week and The Economist. A growing number of experts now believe that informing clients about offering life settlements should fall under the fiduciary duty of a financial adviser.
Many of us have business clients who have unwanted policies.? Therefore, it is important that we understand life settlements and position ourselves to be of service to our clients.
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