BOCA RATON, Fla. (PRWEB) June 18, 2020
LCX Life has officially launched operations as the premiere Life Settlement Marketing Organization (LSMO) in the insurance industry. Headed by Chris Orestis, LCX Life will offer the LifeCare Xchange direct-to-buyer platform for life settlements. The LifeCare Xchange platform is an outgrowth of Orestis’ experience going back to 2007, when he was Founder and CEO of Life Care Funding, LLC, an innovator in providing funding for life settlements to turn unwanted life insurance policies into cash to pay for long-term care expenses for elderly and sick insureds. From 2017 to 2019, Chris served as Executive Vice President for GWG Life, LLC, where Chris developed the first LifeCare Xchange platform. In early 2020, LCX Life was founded with Chris as President heading up the company’s LifeCare Xchange platform.
LCX Life’s LifeCare Xchange system is a turnkey life settlement platform focusing only on seller-direct life settlements. LCX Life provides a comprehensive range of direct-to-buyer outlets for life settlement contracts of all policy types and sizes, delivering the highest level of agent education, marketing and case support needed for agents, financial advisors, attorneys, accountants, and long-term care professionals to refer policyholders directly to highly-regarded licensed life settlement providers.
● Working with LCX Life, agents/advisors can access the secondary market for policyholders to settle a policy through a direct-to-buyer platform without the need for a life settlement broker.
● LCX Life’s LifeCare Xchange system adds a new option to an agent/advisor’s toolbox for rescuing their client’s existing life insurance policy asset that can be repurposed as cash, living benefits or new insurance and investments.
LCX Life’s LifeCare Xchange platform is built for agents/advisors to facilitate client access to the secondary market to settle a life insurance policy when the opportunity arises without being distracted by additional costs or work. The platform allows these agents/advisors to take advantage of the opportunity for their clients, while remaining focused on their primary business lines. Some of the platform’s advantages include:
1. Streamlining the sales process, making the transaction easier and faster.
2. Providing a solution for agents/advisors that does not require any special licenses or additional E&O.
3. Paying agent fixed referral fees based on the face value of the policy.
Life settlements are one of the best options available today to help senior-aged clients struggling with the financial realities of aging or impaired health and who still own an unneeded or unwanted life insurance policy.
FACT: There are 150 million in-force life insurance policies in the United States. “2016 Life Insurers Fact Book”, American Council of Life Insurers
FACT: Seniors own $230 billion of death benefit that could potentially qualify for a life settlement on an ANNUAL basis. “Conning and Company: “Life Settlements: Steady Growth, Growing Potential 2017
FACT: 9 out of 10 life policies are in danger of being abandoned without ever paying a death benefit. “Lapsed Based Insurance”, The Wharton School, The University of Pennsylvania, 2014
FACT: $3.8 billion worth of life settlements were transacted in 2018. “The Deal”, May 2019
Policy owners make premium payments for years without realizing that their life insurance policy is one of the most stable and valuable assets they own. Every policy owner has the legal right to sell their policy in a life settlement, and every advisor has a fiduciary responsibility to inform their clients of this option before they lapse or surrender a policy. LCX Life’s LifeCare Xchange system is another valuable tool for agents to help people struggling with the unique costs of aging or declining health by rescuing policies from being needlessly abandoned.