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.
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As always, your client should consult with competent financial/tax advisors before making any such financial decisions.
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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.
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No, once the policy has been transferred the new owner will pay all premiums under the
terms of the policy.
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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.
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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.
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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.
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