J.G. Wentworth Life Settlements LLC continues to gain licenses from state insurance
commissioners, and today can do business in 30 states, plus the District of Columbia.
Scott Willkomm, head of J.G. Wentworth Life Settlements, says that he’s coming at
the business from a completely different angle than many of his competitors. Rather
than focusing on large life insurance policies of $5 million or more, J.G. Wentworth
is buying policies as small as $50,000. “There are more than 350 million life insurance
policies in force today,” he said, “and the vast majority of them are for $500,000
or less, which we can reach with our direct-to-consumer model.”
Wilkomm added that not only are smaller policies the sweet spot of the market, but
by addressing this segment, J.G. Wentworth will bring liquidity to individuals that
once only the very wealthy were able to enjoy. “Too many people view their life
insurance policy as a monthly or quarterly obligation that they have to pay. We’re
trying to change hearts and minds and to get people to recognize that their life
insurance policy is really an asset and, like all assets, can be sold according
to the needs and wants of the owner.”