Magna Life Settlements Process
Stage 1: Data Gathering (Submissions)
This stage usually takes 3–7 days. The insured completes an application and forwards the application, medical records and insurance policy information to Magna Life Settlements. The application includes a request for personal information, a medical release form so Magna can either obtain or assist in obtaining medical records and a policy release form so we can retrieve policy information from the insurance carrier.
Stage 2: Data Analysis (Pricing)
This is the most lengthy stage in the process and can take up to 2 weeks. Once medical records are received they are briefly reviewed internally before being sent to independent review firms. The turnaround time at these firms varies from 10–20 days depending on policy flow. Policy information is also reviewed during this time but takes 1–2 days.
Stage 3: Bid/Closing (Contracts)
After completion of the analysis stage, Magna determines if policy can be purchased and offers a price to the policy owner/advisor. If the bid is accepted, closing documents are mailed to the policy owner for review and signatures. Once Magna receives closing documents, the entire process should take roughly 14–20 days to fund the purchase.
The following information is required:
- Life settlement application
- Medical information release (HIPAA)
- Medical records covering the past five (5) years. Records from all doctors and health care facilities must be included
- Current in-force illustration with level premiums to maturity and minimum cash surrender value (CSV) of $0 at maturity or age 100
- Life expectancy reports
For more information on how to submit a case, please fill out the information below to have a representative contact you or reach out to us directly.