LifeTrust identifies, analyzes, purchases, and services life insurance policies that fit the needs of both the individual client seeking to sell the policy as well as those of LifeTrust’s institutional funders.
LifeTrust has built a customized database to track every policy seen. The current database consists of over 28,000 policies and over 17,000 lives. The LifeTrust system tracks every policy from the time it is submitted for purchase until the purchase has closed. This gives LifeTrust the ability to provide funders with an up-to-the-minute status of every policy being purchased or under consideration. LifeTrust follows strict guidelines to protect the insured’s privacy and confidentiality, allowing only approved personnel to see the insured’s information. All information is stored on secure onsite servers and is backed up daily at both onsite and offsite locations.
LifeTrust conducts a detailed due diligence review by evaluating the terms of each policy and establishing a life expectancy for each insured through an evaluation of the insured’s medical records by reputable medical review service companies such as Fasano Associates, 21st Services, and AVS Underwriting.
Policies are priced after the due diligence and medical reviews are completed. LifeTrust utilizes both the MAPS Policy Model (formerly Milliman) as well as a unique customized valuation model that has been audited by an independent actuary.
Once LifeTrust and the client come to an agreement on purchase price, LifeTrust obtains releases of prior beneficiaries and reassigns the policy ownership to an escrow agent/custodian acting as trustee for the funder. LifeTrust then directs the disbursement of funds by the custodian, being held in escrow, for policy purchase and all costs and fees associated with the transaction.
LifeTrust services purchased policies on an ongoing basis. This includes directing the escrow agent/custodian to make appropriate premium payments, coordinating the tracking of the insured, and subsequently filing death claims to the insurance company at the earliest possible time.