Once life settlement eligibility is determined the next step is to complete a life settlement application. This application will allow the ordering of the required documentation and includes the required disclosures and authorizations needed for buyers to evaluate a case. Both the policy owner and insured need to sign the life settlement application.
In conjunction with a life settlement application, a health questionnaire may also be completed by the policy insured. This health questionnaire will provide a quick assessment of insured health and allow a more accurate offer estimate (or in some cases a quick offer). Again, it is best to allow time to maximize an offer, but if an immediate offer is needed a health questionnaire is a tool that can be used to achieve that.
During the Application Process, the required documentation includes medical records, policy illustrations, policy values, medical summaries, and prescription checks. The time it takes to retrieve this required documentation can be quick or take a long time. Primarily this depends on how fast the insurer and medical offices take to provide requested documentation. Sometimes there are custom authorizations that need to be signed during the documentation gathering step which further delays the process. Ideally these delays do not happen, and new systems in place from companies like LS Hub reduce these delays.
