POLICYHOLDERS
& SELLERS

PROCESS

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Purchase Timeline- The entire process should take from 7-10 weeks depending in large part on the responsiveness of the insured's physicians, independent medical review firms and the insurance carrier.

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Purchases are often completed much quicker; in fact ViaSource has completed several transactions in less than 7 days in an attempt to prevent foreclosure activities. The "process" can be divided into 3 stages, and they are as follows:

 
 

1

INFORMATION GATHERING
This stage usually takes 3-7 days. The insured completes an application and forwards the application, medical records and insurance policy information to ViaSource. The application includes a request for personal information, a medical release form so ViaSource can either obtain or assist in obtaining medical records and a policy release form so we can retrieve policy information from the insurance carrier.


2

INFORMATION ANALYSIS
This is the most lengthy stage in the process and can take up to 6 weeks. Once medical records are received they are briefly reviewed internally before being sent to independent review firms. The turn around time at these firms varies from 15-40 days depending on case flow. Policy information is also reviewed during this time but typically takes 1-2 days.


3

BID CLOSING STAGE
With completion of the "analysis stage" ViaSource determines whether or not the policy is one that can be purchased and offers a price to the policyowner. If the bid is accepted closing documents are “FedEx.ed” to the policyowner for review and signatures. Once ViaSource has received the completed closing documents the purchase funds are placed into escrow and the ownership and beneficiary are filed with the carrier immediately. From the time ViaSource receives the completed closing documents, the entire process should take roughly 14-20 days to fund the purchase.

POLICYHOLDERS
& SELLERS

SELLER BEWARE

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What You Need to Know

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Before you, a loved one or a friend attempts to sell a policy there are a number of things you should know. These are some of the "old tricks" to watch out for.

 

WHO IS ACTUALLY BUYING MY POLICY?

Many purchasers aren't - they're simply middlemen that will collect the information needed for the purchase and pass it on to the actual purchaser at a marked up price.

Ask the purchaser for disclosure of his source of funds and who will own the policy and its beneficial rights. If the information is not immediately disclosed find a legitimate purchaser.

"WE HAVE NEW UNDERWRITING..."

Except in very limited situations where the insured has provided updated medical records - There is NO SUCH THING. There are companies that will give a "low ball" offer to buy a policy. When the sales process begins to slow down or the policy owner receives a higher offer, these companies always come back with the response "we have some new underwriting that will allow us to pay more." There is no "new underwriting." The purchaser was taking advantage of the policy owner and got caught.

"SHOW ME THE MONEY"

Before you waste a minute of time, demand the purchaser prove they have the funds for the purchase. This "proof of funds" should come from a reputable banking institution - NOT a local attorney or accountant. "Would be" purchasers often don't have the money to fund the transaction; they're simply passing the policy on to someone else for a marked up price. When pushed to provide proof of funds they often provide a letter from a local attorney; if anything at all.

Confirm that the money is in an escrow account with a reputable banking institution - any hesitation in providing the proof of funds is the first sign the purchaser is not legitimate!


MAKE SURE THE SALE CAN BE RESCINDED

In most states the seller of any asset has the right to change his/her mind and rescind (reverse) the sale. With the sale of life insurance policies this rescission period is normally 15 days. Never sign a sale agreement that does not provide a rescission period. This is an old trick played by some companies to force the seller to complete the transaction - usually for a lower price than fair market value.

POLICYHOLDERS
& SELLERS

PURCHASE PARAMETERS

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The below purchase parameters are those used by ViaSource. Other licensed funding entities may have different parameters.

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MINIMUM AGE
None

MIN. FACE AMOUNT
None

MAX. POLICY AMOUNT
$5 million - will consider more on a case by case basis

INSURANCE CARRIER RATING
"A" or better by any of the Rating Agencies

LIFE EXPECTANCY RANGE
2 - 96 months (Regardless of Illness)

POLICY TYPES
Universal Life, Variable Life, Term, Whole Life, Adjustable Life, Group Life, Survivorship Life and Joint First to Die, FEGLI

INSURED'S CITIZENSHIP
United States


 

 

POLICYHOLDERS
& SELLERS

NOTIFICATION TO INSUREDS

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EEA Life Settlements Fund PCC Limited (the Fund)

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From time to time, the Fund is provided with certain Personal Information (defined below) relating to the Insureds. Such Personal Information may include, amongst other things, information concerning the health status of the Insureds. Typically, Personal Information is collected from the Insureds by their nominated care providers.

The General Data Protection Regulation (GDPR) is a European Union data privacy law which requires businesses to take certain steps in relation to (amongst other things) the use and security of information from which an individual can be identified (Personal Information).

In response to GDPR, the government of Guernsey has introduced legislation to ensure GDPR adequacy within Guernsey.

The Fund has updated its data protection compliance programme to ensure compliance with the relevant legislation. Under such legislation, the Insureds have the right to be given certain information in relation to how the Fund collects and uses their Personal Information and what measures it has in place to protect such information.


Such information is included in the Fund's Privacy Notice, which is published on the Fund Manager's website at http://www.eeafmg.gg/eea-life-settlements-fund

As an Insured, you do not have to take any action in relation to this notification. However, should you have any questions please contact the Fund's Data Protection Officer by email to: dpo@saffery.gg

Data protection legislation is a developing area and the Fund's Privacy Notice may be updated from time to time in response to developments to ensure compliance with applicable legislation, any guidance as updated from time to time and best practice.

For and on behalf of

EEA Life Settlements Fund PCC Limited