Abacus Life is trying to get a chance to buy your clients' unwanted, in-force life insurance policies by setting up a self-service website for the policy sellers.
Harbor Life Settlements, a life settlement broker, is working to get insurance agents' and advisors' attention by talking about how it pays agents and advisors.
Coventry, the life settlement industry giant, has been buying about half of the 3,000 life insurance policies sold in the United States every year.
Other firms also are fighting to capture some of that policy flow and persuade more older policyholders to sell their policies, rather than simply letting the coverage lapse.
What It Means
Clients with relatively short life expectancies and permanent life insurance policies, or term life policies that give the owners the option to convert to permanent coverage, should have no trouble attracting would-be buyers' attention.
Abacus Life
Abacus Life is a life settlement company that recently obtained a Nasdaq listing.
It reported Monday, when it posted its second-quarter earnings, that it "originated," or obtained, 141 life insurance policies in the second quarter, up from 135 in the second quarter of 2022.
Abacus recently set up the Abacus Marketplace, a website that clients can use to manage the process of selling their policies.
