Until fairly recently, if you owned a life insurance policy that you no longer needed
or wanted, you had two choices: surrender the policy to the issuing insurance company
for its value, if any, or allow it to lapse. This is no longer the case.
If you qualify and your policy is appraised at a higher amount than the
cash surrender value being offered by the insurance company, if there is any, then J.G. Wentworth can
buy your life insurance policy, take over the premium payments, and give you a lump sum
of cash. This can relieve the stress of having to make your premium payments, while providing you with the freedom to achieve other financial and life goals.
Our life settlement process is described at a high-level below, but it can vary greatly depending on
individual situations and state laws. To get started, please fill out the form on
the left or call one of our experienced representatives at (866) 493-7715 to discuss
how we can help.
Depends on location and circumstance
Complete the application and appropriate forms and return them along with a copy
of a photo ID and copies of any policy information you have, such as the original
full policy or the most recent policy bill or statement.
Once your paperwork is received, it will be reviewed for completeness and your life
insurance and medical status will be verified by obtaining all of the necessary
information from your insurance company and your doctor(s).
After all the necessary information is collected, it is reviewed to determine whether
you qualify for a life settlement with our firm. If you do, a contingent offer will
be extended to you.
Note: We appraise your life insurance policy as a complimentary service.
There is absolutely no obligation for you to sell your policy to us if you decide
it’s not the right choice. Of course, if you decide to move forward, we’ll help
you through every step of our process.
Review the offer that you receive from us, and if you decide to take the next step
in our life settlement process, complete any outstanding paperwork and return it
to us and the final steps of our underwriting process will be completed.
Assuming satisfactory completion of our underwriting process, a purchase agreement
and various insurance company change forms will be forwarded to you to be filled
out and returned to the escrow agent. It’s important to review all of this documentation
with your tax, financial, and/or legal advisors.
Note: The escrow agent is an independent third-party who processes
the change of ownership and beneficiary paperwork in addition to the distribution
of funds for the life settlement. This process helps to protect you by ensuring
that the policy changes are processed properly and that the funds are available
in advance of making any changes to the policy.
Upon the return of your completed purchase agreement documentation to the escrow
agent, the funds to purchase your policy are deposited into the escrow account by
J.G. Wentworth and the escrow agent submits the policy change forms to the insurance
company on your behalf.
Upon verification of the transfer of ownership and beneficiary rights under the
life insurance policy, payment is made to you by the escrow agent via bank check
or wire.
Please note that the policy owner has the right to rescind the life settlement transaction
(i.e. change his or her mind) for a minimum of 10 days after the date funds are
received. This period varies from state to state. Please check your Purchase Agreement
and/or state regulations for the applicable time period.