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May 01, 2009 at 08:00 PM
Veris Settlement Partners Inc. is working with a lead-generating firm to offer a new life insurance settlement program aimed at owners of small policies.
Veris, Rockville, Md., has formed a joint venture with Life Settlement Leads Inc., Parsippany, N.J., to set up a simplified process for buying and selling life policies with face amounts from $100,000 to $500,000. LSL, which supplies lead-generation services to institutional life settlement funding sources, will provide direct access to funding sources for the program, Veris says.
Traditionally, the time and cost of completing a settlement have limited opportunities for the owners of life policies with face amounts below $500,000 to sell the policies, says Veris, a life settlement brokerage founded by Select Life Settlement Corp., Northport, N.Y., and Chesapeake Financial Settlements L.L.C., Rockville, Md.
LSL is supplying technology that will make it easier for institutional buyers and providers to evaluate small policies, Veris says.
