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Settlement Firms Team Up

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Two life settlement business have joined to offer fast pre-qualifications for small-face-value policies.

Veris Settlement Partners Inc., Rockville, Md., and Life Settlement Leads Inc., Parsippany, N.J., are offering life insurance agents a system to help assess the life expectancy of an insured at the beginning of the life settlement qualification process.

The companies have dubbed the joint venture the “5:15:500 Program,” because, they say, the program takes just 5 minutes of an advisor’s time and 15 minutes with a client to provide an official life expectancy report on a policy with a face value of $500,000 or less.

The program is available for universal life, survivorship UL (with one deceased) and convertible term policies for insureds aged 75 and older, carrying face values of $100,000 to $500,000, issued either as standard or as preferred.