Minneapolis, MN (PRWEB) August 10, 2009
In a tighter life settlement market, agents and brokers who are shopping cases are finding it's a longer, more expensive process. Each potential funder requires a life expectancy (LE) evaluation, and now cases are sent to more potential funders. Brokers find they are ordering 8-10 LEs on some cases, spending thousands of dollars before they know whether they have a sale.
21st Services, a leading longevity analysis firm and a provider of LEs to the life settlement industry, has a product that can significantly reduce these costs. The eCLPR, the online version of 21st Services' Customized Longevity Planning Report, is available as a life settlement prescreening tool, and, its standard price, $60, is 80% less than the company's full LE.
21st Services announced in July 2009 that the eCLPR is available at a 50% discount - or $30 - through December 31, 2009.
21st Services' Sales Vice President Brad Bahr said, "A broker's cost to determine whether a client's insurance policy will find a buyer goes down significantly with the eCLPR. He or she will be able to evaluate the case and decide how likely it is to be placed. The broker only has to pay the price of a full LE if he or she knows there's a good chance to close the case."
Mr. Bahr added that If an eCLPR is ordered on a case, the price of a full 21st Services LE on that client will be discounted by an amount equal to the eCLPR cost.
eCLPR prescreening tool is much like an online version of an LE
The eCLPR was added to 21st Services' product portfolio early in 2009. The company's flagship product is its Life Expectancy certificate which is based on a review of the clients' medical records by 21st Services' underwriters. 21st Services is one of a handful of companies who provide LE certificates, which are required to close life settlement cases.
In contrast, the eCLPR is based on responses to an online questionnaire the client, in this case the owner of the life insurance policy, completes with information about their health and lifestyle.
The result of the longevity evaluation - the completed CLPR report - is available for download moments after the questionnaire is finished. A sample of the report is available at 21st Services' website, http://www.21stservices.com. The product is ordered and completed there as well.
If eCLPR results indicate that chances for a life settlement offer are good, the broker orders a full Life Expectancy certificate to submit to the policy purchaser as part of the closing documentation. But if chances are not good, the cost of the far more expensive LE certificate is spared.
21st Services' President Jack Kettler said, "The life settlement market has been challenging for several months now. The eCLPR is an innovation that can make life settlement sales far more profitable for agents and brokers, because their cost per case is slashed."
Mr. Kettler said that beginning January 1, 2010, the eCLPR price will again be $60. The discounted price of $30 for the prescreening product is available through December 31, 2009.
About 21st Services
21st Services provides longevity estimates that are used to help funders value life insurance policies in life settlement transactions and to support financial planning decisions. 21st Services also offers post-purchase portfolio management services for the life settlement market. The company's headquarters are in Minneapolis, MN.
For more information about 21st Services, go to http://www.21stservices.com .