After Donna Horowitz, senior editor of “The Life Settlements Report” published by The Deal, investigated consumer complaints filed with state regulators regarding life settlement transactions, her findings were interestingly not what you would expect to hear about complaints. Following her review of The National Association of Insurance Commissioners’ database and subsequent follow-up with individual state regulators, Horowitz reported that “there are only three consumer complaints” nationwide and “at least two of them don’t involve life settlement market players.”
As she further shares her findings, it turns out that the one consumer complaint on record regarding life settlement transactions was actually due to a sales agent who failed to follow the proper licensing requirements, had paid a fine and then was reinstated. Even with a rising number of life settlement transactions in the marketplace right now, there is a glowing track record of consumer service. Last month, The Deal reported there were 1,123 life settlement transactions in the U.S. in just the last year alone.
Millions of Americans are nervous about retirement expenses and are searching for financial security to help them pay bills or just better enjoy these years. It’s important that these seniors understand that a life settlement is a huge option to consider as an alternative to lapsing or surrendering their life insurance policies. They should be encouraged by the life settlement industry’s strong track record of serving consumers and comforted by this latest showcase of life settlements safety, legally soundness and highly regulated transactions.
For many policy-owners, education is the key to making decisions that will maximize their assets and provide for their financial goals. To learn more about life settlements and how to offer this valuable option to your clients, visit genesislifesettlements.com or email us directly to talk one-on-one with a Genesis advisor.