ATLANTA--(BUSINESS WIRE)--Berkshire Settlements, Inc., a family-owned and operated life insurance settlement provider dedicated to maximizing the value of consumers’ life insurance policies, today announced that it is now licensed to purchase life insurance policies in the state of Florida.
The Florida Department of Financial Services’ Office of Insurance Regulation (OIR) presented Berkshire with its license last month, following a rigorous application and review process that confirmed the company had met all compliance requirements to begin purchasing life insurance policies in the state.
“We are honored that the Florida OIR has granted a life settlement provider license to our company, certifying that we are entitled to purchase life insurance policies from Florida consumers who own policies they no longer need or can afford,” said John Dallas, chief executive officer of Berkshire Settlements.
A life settlement is the sale of a life insurance policy by the owner, typically someone over the age of 65, to a third party. The seller of the policy receives a cash payment that is greater than the policy’s cash surrender value and less than its death benefit, an amount that is – on average – roughly five to seven times more than the policy’s cash surrender value. The buyer of the policy assumes all future premium payments and receives the death benefit when the insured person passes away.
One in five Florida residents is over the age of 65, a demographic group that is growing faster than any other age group in the state.
“Florida is home to more than 21 million residents over the age of 65, so the state government is very cautious about its regulation of financial products that are designed to serve seniors,” said Dallas. “Our track record of working with consumers nationwide illustrates that we are well-positioned to help Floridians to maximize the value of their life insurance policies and generate cash to help offset health care expenses or other personal financial needs.”
The U.S. life settlement market experienced steady growth again in 2019, according to The Deal, a business intelligence and news service. The publication reported an 11% increase in life insurance policy sales last year, with a total face value of those life settlements of $4.4 billion.
Berkshire can now acquire policies from residents of 42 states. For more information, please visit www.berkshiresettlements.com.
About Berkshire Settlements, Inc.
Berkshire Settlements, Inc. is an Atlanta-based company that is one of the leading life settlement providers in the U.S. The company is a direct buyer of life insurance policies from policy sellers, helping them to maximize the value of policies they no longer need or can afford, and is highly regarded for its integrity, ability to execute and transparency in the transaction. Berkshire is a member of the Life Insurance Settlement Association (LISA), the nation’s oldest and largest organization representing participants in the life settlement industry. For more information, please click here or call (678) 339-8404.