While regulatory requirements differ slightly by state, purchase documents generally include, but are not limited to, the following:
Life settlement contract, including various representations and warrantees from the seller and acknowledgement of required disclosures;
Releases from beneficiaries;
Spousal consent, trust agreement or corporate resolution, depending upon the identity of the owner selling the policy;
Letters of compentency for the insureds and for the policy owner if an individual;
Change in ownership form; and
A change of beneficiary from.
Upon fulfillment of these requirements and completion of the Life Settlement Solutions due diligence review, the sales proceeds are disbursed to the policy owner and the investor pays associated transaction costs.
In accordance with state laws, Life Settlement Solutions provides a contractual rescission period for life settlement purchases. Broker commissions are paid following expiration of the applicable rescission period.