The Life Settlement Alliance, Inc. was incorporated in 1994. At that time its primary business was as a viatical settlement broker, working primarily on behalf of those with HIV and AIDS who needed money for life saving and life prolonging treatments. Those monies were realized by liquidating life insurance policies. Domiciled in and licensed by the State of Florida, The Life Settlement Alliance, Inc. has since expanded its operations to deal with the ever increasing demand by agents and their insured for Life Settlements.

A Life Settlement is the sale of an in force life insurance policy to a third party by someone who is not deemed to have a terminal illness. This differentiates it from a "viatical" settlement, where the individual is defined as terminally ill.

Primarily those who enter into a Life Settlement do so because they no longer need or desire to maintain the policy. A Life Settlement can significantly increase current proceeds from life insurance policies. A policy may be sold quite simply because the requirements under which it was purchased no longer exist, or even because the seller no longer wants to pay the premiums!

There are no restrictions on how the Settlement can be used. Our clients have considered the following:

• Purchasing long term care
• Making cash gifts to family members
• Making charitable gifts
• Purchasing permanent life insurance to cover estate taxes
• Reducing estate taxes by purchasing a minority interest in a closely held business
• Reducing and eliminating debt
• Investing and purchasing of businesses and property
• Facilitating the transfer of a business to the next generation

Any insured person over the age of 60 may qualify for a Life Settlement, subject to certain medical criteria. If the individual is in good health, then they would need to be at least 77 years of age. Conversely, the poorer an individual's health, the younger they may be to qualify. The equation is completed by the cost of premiums in relation to the face amount of the policy being offered for sale, the cash value and any outstanding loans; ie: the longer a person is expected to live, the lower the premiums need to be.

Subject to a minimum face amount of $100,000, any policy allowing a change of ownership or an absolute assignment for value can qualify for a Life Settlement. These policies include term, whole life and universal life, as well as corporate owned policies and those held in irrevocable life insurance trusts.

The underwriting process usually takes between two and four weeks, depending on access to medical records and doctors, and the responsiveness of the insurance company in verifying the current status of the policy. The agent involved can speed up the process by providing updated medical records with the application, along with a copy of the policy and current illustrations.

After an offer has been accepted, and prior to the transfer of policy ownership and beneficiary designation, funds should be transferred to a trust account for the benefit of the seller (viator), or an escrow arrangement should be in place for receipt of the settlement funds. A cashier's check or wire transfer (the seller's choice) should be forwarded to the seller within 48 hours of the insurance company confirming in writing that the transfer of ownership and designation of beneficiary has taken place.

The purchaser of the policy.

The insured will be informed in advance by the purchasing company of their methods of maintaining contact after the settlement is finalized. While post-settlement contact is a necessity, the insured should be assured that the "tracking" methods used are non-intrusive and will safeguard their privacy.

Our experienced staff has helped thousands of people to relieve the emotional, physical and financial stress that can result from dealing with a life threatening illness. That experience has helped us to ease into the transition of dealing with seniors and their agents. The mechanics of the transaction are basically the same, though in many cases the motives for sale differ greatly.

By creating competition among the most competitive funding sources, The Life Settlement Alliance, Inc. ensures the highest cash settlement for every client. Our goal is to make sure that the seller receives a settlement that excites him, while the referring agent also receives a fee that compensates him well. We will do this with compassion, professionalism and efficiency.