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Article: Life settlements more popular with agents and insureds.(Life Settlements)
- Article from:
- National Underwriter Life & Health
- Article date:
- February 7, 2005
- Author:
CopyrightCOPYRIGHT 2005 The National Underwriter Company. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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AFTER HEARING A LECTURE on life settlements, Michael Rodman decided to put what he had learned to the test. So, he requested bids on a 10-year level-term policy that its owner, a 75-year-old client, was otherwise prepared to exchange for a new 10-year term contract.
Rodman got more than he bargained for. Within two weeks, one offer came back for $960,000. A second institutional funder raised the offer to $1.2 million. By the time the bidding was over, Rodman had nabbed $2.8 million for his client.
"This extraordinary experience really opened my eyes," says Rodman, a financial planner and president of Advanced Planning Services, San Diego, Calif. "I've ...