What is the Process?
The life settlement process is straight forward but takes time to do correctly The process follows the steps outlined below:
1. Register: Register your policy with AMG Financial Services.
2. Submit release forms: Sign the privacy and medical release forms, then submit to AMG Financial Services. This allows AMG Financial Services' system to request the insured's medical records and provides authorization for us to view the information. All insured and policy seller information is held in the strictest confidence.
3. Insurance & Medical information: AMG Financial Services' system requests the necessary insurance and medical documentation once release forms are received from the policy seller. Insurance carriers and medical offices vary in their response time to our requests.
4. Analysis by independent 3rd party: The medical information is reviewed by an independent medical expert to make a life expectancy estimate. This estimate is strongly considered by potential buyers when creating their life settlement offers. Nothing needs to be done by the life insurance policy seller in this step.
5. Receive offers: AMG Financial Services' system makes the life insurance policy available to potential buyers for bidding. Our system reaches to a number of financial institutions that buy life settlements. These financial institutions receive the medical records, insurance documentation, release forms and independent medical analysis. They will evaluate this information and consider a policy's death benefit, premiums, insured's age among a number of other factors before submitting a bid. Once they do submit bids, they will be blind bids, meaning they don't see what other potential buyers are bidding.
6. Review offers: Our proprietary system allows a policy seller to see ALL life settlement bids & commissions. Seeing the life settlement offer from a buyer and commission provides the true payout that a policy seller may expect. If the policy seller wants to decline all offers, that is your right. There are never any fees, expenses, obligations or costs to decline an offer. If the policy seller wants to request a second or even 3rd round of bids in attempt to increase the offers, that is an option as well.
7. Accept offer: Choose whatever offer you like. Nothing is hidden or kept from a policy seller. You know exactly where you stand with the sale of your policy and potential life settlement payout at all times. Therefore you have all of the information you need to make the best financial decision. Once again, you can decline all offers without cost or obligation.
8. Escrow: Upon acceptance of an offer, the life settlement begins an escrow process. Contracts and insurance policy change of ownership documents are forwarded to the policy owner or their representative for review and signatures. The financial institution that is buying the life insurance policy funds the escrow account with the life settlement payment.
9. Life settlement paid: Within approximately 72 hours of the policy being transferred the life settlement payment is made to the life insurance seller.
10. Process Time: The process time frame to completion is predicated on the response of insurers, medical reports, etc thus an exact time frame can span weeks or several months.