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Divisions / Life Settlement Center / Sales Pre-Qualifications /
Application Standards
- Completing an Application and release form, the insured/policy owner allows American Brokerage Services, Inc. to receive medical and insurance information from the insured’s physician(s) and insurance carrier(s)
- The life insurance policy must have a minimum face value of $250K. If a senior client has a life expectance of under five years, the minimum face can reduce to $100K (market standards change almost daily, so please contact ABS directly at 888-227-3131 x202 to discuss minimum death benefits that are eligible for sale).
*As this market evolves there are an increasing number of funders who will evaluate policies with face amounts between $50K and $100K.
- All policies must be beyond the two year contestability period
Timeline
After receipt of the completed application, the process will take approximately 10 - 18 weeks (see below for exact breakout of estimates). The process can be reduced by up to 3 weeks if an agent is able to assist us in acquiring the APS's.
- Up to 3 weeks to acquire APS's
- 4 – 6 weeks to complete life expectancy studies
- 1- 4 weeks for funder to complete verification of coverage and changes of ownership and beneficiaries
- 1 - 3 weeks of pricing negotiations
- 1 – 2 week closing process
- If the qualification standards are met, you will receive an offer to accept or decline with no obligation to your client
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