New to the Industry. Whole Life

When a policy goes into grace or a client contacts a carrier to surrender or lapse a policy - some states (like Maine) are requiring the carriers to send out a Life Settlement information packet to the policy owner. More and more states are going to start requiring this in the future.

While its not you may not have a responsibility legally to your clients to tell them about life settlements. I am sure if they get this packet the will ask 1) what is a life settlement and 2) why didn't you tell me about this months ago when I said i no longer wanted/needed this policy.
 
I used to work for the largest life settlement broker in the country and can tell you even when it was a 'seller's market' back in 2002-2007, whole life policies were very difficult to settle. Funders were just never crazy about them because the policies aren't flexible the same way universal life policies are.

Additionally, most of the big whole life cases I ran across had huge cash values or huge loans, which knocked them out of consideration for us.
 
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