BROKER

BROKER

Unless a policy is submitted directly to Magna by a seller, a Broker could receive a fee when the Policy is purchased by Magna. The amount of the fee would be agreed to by the Broker and Seller. The amount will not exceed the lesser of 8% of the net death benefit payable under the Policy, 30% of the Net Purchase Offer, or the maximum amount permitted by applicable law.

  • Life settlements/broker application
  • Medical release information/Health Insurance Portability and Accountability Act form (HIPAA)
  • Current in-force Illustration with level premiums to maturity and minimum cash surrender value of $1,000 at maturity or age 100 dated within the last 60 days
  • Life expectancy (LE) reports dated within the last 60 days
  • Medical records covering past five (5) years
  • State disclosure form (if applicable)

When an offer to purchase a life insurance policy has been accepted by the submitting agent/broker on behalf of the seller, Magna will require the following documents prior to issuing contracts:

  • Copy of completed and signed broker or provider life settlement application
  • State-specific disclosure form if applicable
  • Authorization to release protected health information (HIPAA)
  • In-force illustration with minimum level premium to maintain the death benefit through maturity, solving for $1,000 of account value at maturity, dated within sixty (60) calendar days prior to the seller’s acceptance date
  • Completed offer sheet signed by the broker/agent
  • Copy of policy including policy application and all riders, schedules, and exhibits
  • All life expectancy (LE) reports on file for insured(s)

 

Additionally, we may need the following:

  • If Policy is Trust-Owned:
    • Trust documentation
  • If Policy is Corporate-Owned:
    • Articles of incorporation
    • Certificate of good standing
    • Corporate resolution
    • Bylaws

To efficiently complete the life settlement transaction, please provide the documents listed above in a timely manner. Please note that additional forms and documents may be requested if needed.


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