 |
Is this transaction confidential? |
| |
We maintain the highest standards
of confidentiality and your Client's policy is normally
sold on to institutional investors. Your Client's
personal information is held in the strictest of
confidence. |
|
Are there other alternatives? |
| |
As always, your client should consult with competent financial/tax advisors before making any such financial decisions.
|
|
Can your client change his mind? |
| |
Under the applicable law of many states, a seller has the right to rescind the deal up to 15 days after the receipt of the payment by notifying the purchaser and returning the cash received by the seller. Any rescission right granted to the seller would be expressly stated in the purchase contract between the seller and the purchaser. |
|
Does your Client need to pay further
premiums? |
| |
No, once the policy has been transferred
the new owner will pay all premiums under the
terms of the policy |
|
Will this cost my client anything? |
| |
Neither you or your client is responsible for paying any out-of-pocket fees to LSL. The purchaser pays fees to LSL. In addition, any fees that your client agrees to pay you in connection with the transaction will, subject to applicable law, be paid at closing directly out of the purchase proceeds paid by the purchaser. |
|
How long will it take? |
| |
If your policy qualifies, then LSL will generally refer it to an institutional purchaser for such purchaser to make a prompt offer. Upon your client’s acceptance of the offer, the purchaser will send closing documents to the client. Upon full execution and acceptance of the documents, cash payment will follow a couple of days after the life insurance company registers the sale. |
|
Is this legal? |
| |
The owner of the policy can do as he or she pleases with the policy, the beneficiaries and
the proceeds of any payout or sale.
|
