Our Process and Forms Center
Life Settlement Process
Magna provides customer-focused solutions driven by our streamlined submission and closing process.
We’ve broken the Life Settlement process down to three simple stages.
Read below to familiarize yourself with our process and avoid closing delays, then contact Magna to receive state-approved submission forms.
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 ( Life Settlement Contract)
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, entire process should take roughly 14–20 days to fund the purchase.
Magna Forms and Materials
Submissions Forms—Required To Sell Policy
Please note that the following forms are for informational purposes only and not for individual use. Please contact Magna to receive state-approved life settlement forms.
- Life Settlement Case Submission Agreement (1919 downloads)
- Verification of Coverage (1748 downloads)
- Magna Broker Application (1805 downloads)
- Magna HIPAA Form (1730 downloads)
If NY, CA, or IL resident, add this form:
Retained Death Benefit (RDB) Materials
Download these forms to learn more about how you can sell your policy but keep some of your insurance coverage.
Life Settlement Reference
Download these forms to read more about our submission and closing process.
- Case Submission Parameters (1723 downloads)
- Tips for Faster Closings (1747 downloads)
- Tips for Successful Submissions (1644 downloads)
Closing a case with us? Download this checklist to avoid delays.
