To secure legitimate offers from licensed buyers in the life settlement market, policyholders must complete a life settlement application provided by a life settlement broker. The form is required to verify personal, health, financial, and other information that is necessary to begin the underwriting and negotiation phase of the life settlement process.
A life settlement application will require both the insured and policy owner to acknowledge specifics about the policy and insured, while also confirming that they have read and understand state mandated disclosures related to the life settlement transaction. The information provided by the insured and policy owner allows a broker to obtain medical records, life insurance policy illustrations, and other pertinent documentation. Additionally, the life settlement application allows a life settlement broker to submit the case to multiple buyers to secure the highest offer for the sale of the policy.