J.G. Wentworth seeks to democratize the life settlements business by offering to purchase policies with face amounts greater than $50,000.
Bryn Mawr, PA (Vocus) March 4, 2008
Specialty finance company J.G. Wentworth, Inc. today announced that 22 states have granted life settlement provider licenses to its dedicated life settlements subsidiaries. License applications have been filed in five other states that require providers to be licensed. Twenty-three states and the District of Columbia currently do not require providers to be licensed to conduct life settlement business.
J.G. Wentworth Life Settlements, LLC and its sister subsidiary, J.G. Wentworth Life Settlements (DE), LLC provide liquidity options to consumers holding life insurance policies with face values greater than $50,000, an underserved segment of the life settlements market overall. With more than $18 trillion of life insurance in force, the life settlements segment is by far the largest component of the illiquid financial assets market, in which the J.G. Wentworth organization already has leadership positions within the structured settlement and annuity segments.
“J.G. Wentworth offers consumers personal finance options that allow them to address changes in their personal or financial needs,” said Michael Goodman, CEO of J.G. Wentworth, Inc. “Like structured settlements and annuities, two other segments J.G. Wentworth is a leader in, life settlements are illiquid financial assets that are often hard for consumers to value and sell. Consumers who hold these assets should have options to sell them – after all, they’ve invested plenty of money in the premiums that keep these policies in force.”
Scott Willkomm, Chief Operating Officer of J.G. Wentworth’s life settlements business, said that the company is approaching the market from an angle that differs from many of its competitors. “Rather than focusing on large life insurance policies of $5 million or more owned by high net worth individuals,” Willkomm said, “J.G. Wentworth seeks to democratize the life settlements business by offering to purchase policies with face amounts greater than $50,000.”
“There are millions of life insurance policies in force today,” he added. “The majority of the policies are owned by average individuals and have face amounts of $500,000 or less, and we can efficiently service these policies with our consumer-oriented business model.”
“As Baby Boomers become senior citizens, they will become focused on meeting the extensive financial demands of retirement and what tools are in their post-retirement financial toolkit,” Willkomm said. “For some, maintaining a life insurance policy may not fit their personal circumstances. In some cases, unlocking the hidden value in a life insurance policy through a life settlement offers an attractive alternative to surrendering the policy or allowing it to lapse.”
Life settlement services offered through J.G. Wentworth Life Settlements, LLC and J.G. Wentworth Life Settlements (DE), LLC. Not licensed in all states.
This opportunity is currently open to persons resident in the following states: AL, AR, AZ, CA, CO, DE, DC, GA, HI, IA, ID, IL, KS, KY, MA, MD, ME, MI, MN, MO, NC, NH, NM, NJ, NV, NY, OH, OR, RI, SC, SD, TN, UT, VT, WA, WI, WV and WY.
About the J.G. Wentworth family of companies
J.G. Wentworth, Inc. based in Bryn Mawr, PA, is the nation’s oldest, largest and most respected buyer of deferred payments for illiquid financial assets like structured settlements, annuities and life insurance policies. Since 1992, J.G. Wentworth has purchased over $2 billion of future payment obligations from consumers and is the nation’s largest securitizer of structured settlement and annuity backed notes.
For more information about J.G. Wentworth, go to http://www.jgwentworth.com.