ATLANTA, Nov. 09, 2017 (GLOBE NEWSWIRE) -- Berkshire Settlements, Inc., a family-owned and operated life insurance settlement provider dedicated to maximizing the value of consumers’ life insurance policies, today announced that it has been awarded a license to transact business as a life settlement provider in the state of Oregon.
The letter of certification authorizes Berkshire to purchase life insurance policies in Oregon and confirms the company’s representatives are “trained and qualified to properly inform the consumer of all relevant contract provisions.”
“The state licenses companies and individuals who solicit and negotiate life settlement contracts,” according to the website for the Division of Financial Regulation in Oregon. “A life settlement contract is between a life settlement provider and a person holding a life insurance policy. The contract provides that the provider buys the beneficiary’s rights to the person’s life insurance policy.”
In 2015, Oregon joined the burgeoning movement of states requiring that consumers be informed of alternatives that are available to them prior to lapsing or surrendering a life insurance policy back to the insurance company. One of those options is to sell the policy in what is known as a life settlement transaction.
A life settlement is the sale of a life insurance policy by the owner to a third party. The seller of the policy receives a cash payment that is greater than the policy’s cash surrender value and less than its death benefit, an amount that is – on average – roughly five to seven times more than the policy’s cash surrender value. The buyer of the policy assumes all future premium payments and receives the death benefit when the insured person passes away.
“As a direct buyer of life insurance policies that consumers no longer need or can afford, we look forward to serving the people of Oregon by helping them to maximize the value of these assets and generate immediate cash to help meet their personal financial needs,” said John Dallas, chief executive officer of Berkshire Settlements.
Berkshire can now acquire policies from consumers in 41 states. For more information, please visit www.berkshiresettlements.com.
About Berkshire Settlements, Inc.
Berkshire Settlements, Inc. is an Atlanta-based company that is one of the leading life settlement providers in the U.S. The company is a direct buyer of life insurance policies from policy sellers, helping them to maximize the value of policies they no longer need or can afford, and is highly regarded for its integrity, ability to execute and transparency in the transaction. Berkshire is a member of the Life Insurance Settlement Association (LISA), the nation’s oldest and largest organization representing participants in the life settlement industry. For more information, please click here or call (800) 233-1745.
Media Contact:
John Dallas
(678) 589-9948
jdallas@berkshiresettlements.com