First Equity Benefits of America Inc. has started shopping for life insurance policies with face values of $250,000 to $10 million.

First Equity, New York, is a new life settlement firm that will consider buying universal life, term life, whole life, variable universal life and survivorship policies from insured individuals ages 65 and older with life expectancies of at least 4 years, company organizers say.

The founders include Leonard Goodman, the chairman, a financial advisor who has been an active member of the board of the Canadian Memorial Chiropractic College.

Allan Freedman, the president, has practiced law in Toronto and taught classes on health care legal issues at the chiropractic college and elsewhere.