973-299-4480

Broker

Compensation

A Broker can earn a fee when the Policy submitted by the Broker is purchased by LPT. The amount of the fee would need to be agreed to by the Broker and Seller. The amount will not exceed the lesser of 8% of the net death benefit payable under the Policy, 30% of the Net Purchase Offer, or the maximum amount permitted by applicable law.

 

 

Submission Requirement
  • Life settlements/broker application
  • Medical release information/Health Insurance Portability and Accountability Act form (HIPAA)
  • Current in-force Illustration with level premiums to maturity and minimum cash surrender value of $1,000 at maturity or age 100 dated within the last 60 days
  • Life expectancy (LE) reports dated within the last 60 days
  • Medical records covering past five (5) years
  • Broker’s license for the state that the policy owner resides in
  • State disclosure form (if applicable)
  • Send ALL submissions to: submissions@lptsettlements

 

 

 

Closing Requirements

When an offer to purchase a life insurance policy has been accepted by the submitting agent/broker on behalf of the seller, LPT will require the following documents prior to issuing contracts:

    • Completed and signed life settlement application
    • Authorization to release protected health information (HIPAA)
    • In-force illustration with minimum level premium to maintain the death benefit through maturity, solving for $1,000 of account value at maturity, dated within sixty (60) calendar days prior to the seller’s acceptance date
    • Completed offer sheet signed by the broker/agent
    • State-specific disclosure form (if applicable)
    • Copy of policy including policy application and all riders, schedules, and exhibits
    • Any and all life expectancy (LE) reports on file for insured(s)
    • If Policy is Trust-Owned
        • Trust documentation
    • If Policy is Corporate-Owned
        • Articles of incorporation
        • Certificate of good standing
        • Corporate resolution
        • Bylaws

In order to efficiently complete the life settlement transaction, please provide the documents listed above in a timely manner. Please note that additional forms and documents may be requested if needed.