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Frequently Asked Questions
GENERAL QUESTIONS
What if I need help?
Does it include a file transfer service?
What are the requirements to enroll?
What is the maximum file size I can send?
What is the browser compatibility of your service?
How much does it cost? (Minimum Monthly Subscription)
What are the Subscription Terms
What if I need help?
How do I submit a life settlement case?
How do you match cases to providers?
Why should I use LPT?
Why is LPT better than an email submission?
What is a No LE Submissions?
What is a Case Preview?
What is a Case Download Notification?
How do you Audit Your Case History?
How are you Secure, Private & HIPAA Compliant?
What is Life Settlement Help Desk?
Do you provide underwriting for life settlement cases?
How do you conduct provider due diligence?
Do you have E&O insurance?
Is LPT a life settlement brokerage?
Why Does a Life Settlement data need to be secured?
Licensing-
Do I need a life settlement broker license?
Do you manage the Contracting Process?
LPT has a dedicated staff to help you with every aspect of our service. We are here to show you everything from how to upload cases - to navigating through our website, as well as industry standards and insight to how maximize case evaluation. LPT’s founders owned their own successful Life Settlement Brokerage and are more than willing to share their industry knowledge with any of their LPT subscribers.
Does it include a file transfer service?
LPT includes a file transfer service that you can use at any time. Traditional email is not secure and gets bogged down with large attachments plus most recipients can not handle them either. With our file transfer service there is no need to download or buy expensive software to send and track your important information. When subscribed to our service you will be able to perform large file transfers which are sent securely and then authenticated by the intended recipients for tracking. Up to 100mb per transfer!
What are the requirements to enroll?
We require that you are licensed appropriately for the states you are planning on working in. Most states only require a life license, while others may have further requirements. Please click below to view our licensing spreadsheet to determine your licensing requirements or contact our help desk.
What is the maximum file size I can send?
Up to 100mb!
How much does it cost? (Minimum Monthly Subscription)
Our low monthly subscription cost is $99.00 per month for a single user with up to 12 case submissions a year, with a minimum subscription period of 1 year. We also offer programs for general agents and brokers that may require more users and additional case submissions.
What are the Subscription Terms?
We offer a 1 yr and 2 yr commitments and all agreements will be valid for the term of your subscription. Early termination fee will be charged based on the remaining months left in the contract at (50%).
LPT has a dedicated staff to help you with every aspect of our service. We are here to show you everything from how to upload cases to navigating through our software, as well as industry standards and insight to how maximize case evaluation. LPT’s founders owned their own successful life settlement brokerage and are more than willing to share their knowledge of the industry with any of their LPT subscribers; so they too can be successful in life settlements.
How do I submit a life settlement case?
Our system makes the submission process simple. Our step by step process will take you through the process to ensure that all the proper data fields and required files have to be uploaded to ensure proper submission guidelines.
How do you match cases to providers?
We take in consideration several factors to properly match your unique LS file to the market place. State regulation, age of the insured, life expectancy reports, insurance policy’s face amount and whether the case was premium financed are included in the evaluation.
No Commissions!! Our service is subscription based. That’s right; we centralize, qualify and give
you direct access to negotiate your own life settlement transactions.
We do your homework for you! Learning about market players, new purchasers, purchasing parameters and provider licensing are all managed through our service. We keep track
of critical market data and give you a centralized portal to securely submit life settlement cases out to the marketplace.
Why is LPT better than an email submission?
Email Submissions are not encrypted and do not allow authentication by recipient. Email submissions also do not match your specific case criteria to potential buyers.
Although LPT recommends purchasing Life Expectancy reports we do have several providers that will accept cases without them. Our providers are constantly being surveyed to determine their latest purchases trends and whether they do or do not require LE’s. Minimum requirements are a signed HIPAA, basic insured and ownership information (app), in-force illustration and updated medical records to submit a case through LPT.
Providers and other institutional purchasers will only have the privilege to download your life settlement case if they have “accepted” the case after viewing the case preview. Our case preview contains: insured last name, policy face amount, insurance carrier, premium financing history, last four digits of the policy, state of ownership of the insured as well as Life Expectancy information if available.
What is a Case Download Notification?
If your case has been “accepted” (downloaded) by a provider, you will immediately receive an email notification that this has occurred. You will then have access to view when, who and what files they downloaded with a time stamp. You can also view the providers profile at this time for direct contact to potential purchaser of your LS file.
How do you Audit Your Case History?
Once your case is successfully submitted, you will receive notification of how many matches you received. Once matched, the provider must view the “case preview” and “accept” or “decline” the case. If accepted, you will receive immediate notification via email (as explained above in *Case Download Notification). Our auditing capability ensures to your clients that you are fulfilling your fiduciary obligation to them when shopping a LS file.
How are you Secure, Private & HIPAA Compliant?
Our file transfer platform is based on a 256bit encryption. We have integrated VeriSign’s secure Site with EV as an additional layer for even more data security.
What is Life Settlement Help Desk?
Our life settlement help desk gives you direct access to our life settlement specialists that can give you answers on virtually all your LS questions, general or specific.
Do you provide underwriting for life settlement cases?
For assistance on underwriting & prequalifying your cases please visit lifepolicyconcierage.com.
LifePolicyConcierage.com provides cost effective medical retrieval, medical summary
reports and life insurance policy information.
How do you conduct provider due diligence?
We gather a basic profile on each of our providers that includes their background information, years in business, E&O questions and more…you will also have access to provider agent applications, brochures as well as if the provider carries E&O insurance, their years in business, primary contact info, website etc. We provide you with the information to start the due diligence process on each of the providers you will be working with and have downloaded your LS file.
No. Most life settlement providers carry blanket E&O insurance that covers all parties involved. We will provide all contact information for you on each Provider that downloads your prospective case. So, please contact each provider directly if you do not see this information listed in their companies due diligence package.
Is LPT a life settlement brokerage?
No, we specialize in secure file transfer for life settlement professionals to securely market the cases to life settlement providers.
Why Does a Life Settlement data need to be secured?
Life settlement transactions are typically on high net worth individuals whose information is extremely sensitive. Just because you have a signed HIPAA release and insurance release form does not mean you are compliant. It’s critical to understand how this information is shared and transferred falls within the scope of HIPAA compliance. Submitting cases to multiple providers and other 3rd parties could lead to unauthorized access to client sensitive data. Our service will ensure that you are end-to-end 100% HIPAA compliant, enabling you to ensure your fiduciary commitment to your client in a safe and secure environment.
Specific state by state regulations must be followed for life settlements. Once we receive your application we will contact you to discuss the states that you are currently licensed as a life producer and help you determine if you can work in that state under your current status.
Do I need a life settlement broker license?
The majority of states only require that you have an active life license in the state for which you are selling a life insurance contract on the secondary market. We keep an updated list of the states and their requirements for you to review but do not give advice as to what states require what, please click here for a link to your states insurance department to find out more. Our help desk can also help point you in the right direction.
Do you manage the Contracting Process?
Basic contract support is available from LPT however for full assistance in the contract and closing process please contact support@lifepolicytrader.com.