There are a number of steps involved in a life settlement transaction. Brookwood Settlements manages the entire process efficiently and expeditiously.

Step 1. The Application

Brookwood Settlements begins each case by interviewing the policyowner and insured and completing a life settlement application. The policyowner and insured sign the application, as well as releases so that Brookwood Settlements can obtain the insured’s medical history and information about the life insurance policy.

Step 2. Underwriting

In order to present the best possible offer to buy an insurance policy, we need to find out more about the insured’s health and certain aspects of the insurance policy. The releases that were signed allow us to obtain this critical information, all of which we maintain securely. Brookwood Settlement then sends the insured’s medical history to underwriters who calculate the insured’s life expectancy.

Step 3. The Offer

Once the information is obtained and analyzed, Brookwood Settlements works diligently with its network of institutionally funded providers to secure the very best offer in the marketplace for its clients. All offers will be presented to the policyowner, allowing the policyowner to make an informed decision.

Step 4. Contract Documents

When the policyowner accepts an offer, contract documents are issued and executed by the policyowner and insured. When the contract documents are fully executed, the life settlement proceeds are escrowed by the provider. Change of ownership and beneficiary forms are sent to the life insurance company that issued the policy.

Step 5. Payment

After the life insurance company records the change of owner and beneficiary, the escrow agent sends the proceeds of the sale to the policyowner.

One common denominator to all of the above is our absolute commitment to hands-on service, speed, and accuracy throughout the process. We keep our clients informed so they are always up to date on the progress of their cases. Although this can be an in-depth process, keeping our clients informed is the way Brookwood Settlements does business.