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Complete Application. The process begins when you have submitted an application to Wilbanks & Associates. Please remember that an application is not a contract and that you are not obligated to accept any offers made. It allows us to collect the pertinent information to generate settlement offers on your behalf. |
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Underwriting. We will determine if and how much of a settlement can be offered to you for your life insurance policy. The information we collect to generate settlements includes: policy information verification, confidential collection of medical records and tailored policy illustrations. |
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Policy Bidding. Once all the information has been collected we know what the market will bear in terms of a settlement. With over 20 purchasing entities under contract, we will shop your application until we maximize the settlement offer. Offers will vary dramatically from vendor to vendor. It is our job to find the needle in the haystack. Should the conveyed offers not meet our expectation of what the market will bear, we will go back to the purchasers and renegotiate to get an offer that meets that threshold. |
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Offer and Review. All offers are communicated and discussed with the client. In almost all cases, the highest offer is the most acceptable. However, the idiosyncrasies of the purchasers are discussed with the client. |
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Acceptance. The client has the option to accept or reject any offers. Should the client accept an offer, the acceptance is communicated to the purchasing entity and funds are placed in escrow in the client’s name. |
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Closing. Closing paperwork is sent to the client. This paperwork consists primarily of the Lifetime Settlement, policy ownership change forms, and beneficiary change forms. Once the insurance carrier notifies the purchasing entity in writing that contracted ownership and beneficiary changes have been made, the purchasing entity has 48 hours to release the escrowed funds to the client. |
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Right of Rescission. While rescission rights vary from state to state, in most cases the client has the right to reverse the transaction (at no cost) within 15 days of receipt of funds. |
