New York Public Awareness

Preventing Life Settlement Fraud in the State of New York

About Life Settlements

A quick history lesson

While life insurance has been part of the financial landscape for decades, the secondary market for life insurance (life settlements) developed in the 1980's in response to the HIV and AIDS epidemic; it began as viatical settlements and evolved into the present life settlement market. This market is now vibrant and enables policy owners to enjoy financial independence by selling their existing life insurance policies. Any life insurance policy can be evaluated for a life settlement, including universal life, whole life, survivorship, variable and term life policies. As life settlements are based on the value of life insurance policies, they are an asset and have been considered assets since the mid 20th century. Like any asset, they need to be protected. That is why the process should be handled by professionals with a unique network who understand the policy's real settlement value and can deliver that value to policy owners and their advisors.

At Genesis, our process is designed to provide a smooth and satisfying settlement experience. The following are the steps in our process:

1. Apply - Insured/Policy owner completes a preliminary life settlement application which requests the specific client and policy information. Genesis will evaluate the application and determine if the policy is a viable settlement opportunity.

2. Review - Genesis requests supporting documentation, including medical records from the insured's physicians, policy information from the life insurance carrier and additional underwriting for the evaluation of the policy. In addition to the industry standard underwriting, Genesis utilizes its own internal medical underwriting which ensures policies will be evaluated properly by all its institutional capital sources. Genesis analysts review all policy information received by the carrier and verify that the information provided is the most ideal for pricing optimization.
3. Processing - Genesis works diligently with all of its providers and institutional capital sources to procure the very best and most superlative settlement offer in the marketplace for its clients. Once the leveraging and the management of the case have been completed, the leading settlement opportunity is presented to the insured/policy owner or advisor. The client is then completely empowered to make an educated and informed decision-a Genesis hallmark.
4. Closing - The client and/or advisor receive closing documentation for review and signatures.
5. Payment - Yes, exactly what it sounds like. Once the closing has been completed in its entirety, the payment is made to the client.

One common denominator to all of the above, as well as any business you will engage in with Genesis, is an absolute commitment to hands-on service, speed, and accuracy throughout the process. We will keep you informed so you will always be kept up to date on the progress of the case. Although this can be an in-depth process, keeping our clients informed is what we call business as usual at Genesis. If your settlement company gives you anything less, you shouldn't hesitate to call us and try the Genesis approach.