Veris Settlement Partners is a quality life settlement brokerage with offices in Northport (New York) and Bellaire (Texas).
Veris Settlement Partners is uniquely positioned to provide financial advisors, and the policyowners they serve, with the professionalism, service and full disclosure that they expect and deserve.
Unmatched life insurance experience. The executive team of Veris consists of two Directors––Steve Shorrock and Russel Dorsett––and two Associates––Joe Young and Patrick Duke––with over 85 years of combined experience in the life insurance industry. Shorrock and Dorsett previously served as Chief Executive Officers of highly-rated life insurance companies. Additionally, Mr. Dorsett served as President of LISA, the Life Insurance Settlement Association.
Collectively, the executive team has experience in product design, actuarial, underwriting, sales and marketing, both individual and group insurance, corporate-owned life insurance, executive benefit planning and advanced estate planning.
Committment to "Best Practices." Life settlements can be a complex area and the regulatory environment varies by state from extremely strigent to non-existent. Veris strives to set the highest possible standard by employing the best approaches to consumer protection, privacy and efficiency, generally going well beyond the minimum requirements in a given jursidiction.
Disclosure and transparency. Although life settlements are complicated and complex, Veris is dedicated to making the process as transparent as possible. In addition to a written agreement among the broker, producer/partner and seller, an extensive disclosure document is provided to the seller at the very beginning of the process. This disclosure document deals objectively with both the positives and negatives associated with life settlements, the fact that settlement proceeds may be taxable, various parties will be compensated, eligibility for certain benefits may be impacted and that future insurability may be curtailed.
Due diligence. Veris conducts an extensive due diligence process for all affilaites, both providers and producer/partners, to make certain that all entities are appropriately licensed and compliant. Veris will only submit policies to qualified buyers who have participated in the due diligence process and been added to the approved list.
Written agreements. Veris believes that good agreements make for good relationships. Accordingly, all producer/partners are contracted in writing and Veris insists upon a written agreement with all potential clients which spell out the terms and conditions of the engagement. Where applicable, all forms and contracts are filed and approved for use in the appropriate jurisdiction.
Performance-based compensation model. Veris strives to align the interests of all parties to the needs of the seller. Accordingly, Veris takes a "value-added" and fully transparent approach to compensation. Upon successful completion of a transaction, Veris' fee is 10% of the net gain to the seller, which is defined as the difference between the Cash Surrender Value of the contract and the gross proceeds from the transaction. Where a producer/partner is actively involved in the transaction, additional fees based on the net gain may be applicable.
Internal evaluation. Veris will, at no cost to the seller, evaluate each potential life settlement for viability. This progress can help to eliminate transactions which are marginal or inappropriate for the seller, as well as to help set expectations when the policy is a good candidate for a life settlement.
Weekly status reports. Veris' proprietary customer relationship management (CRM) program enables them to track all transaction details and action items. It enables them to generate weekly Brokerage Status Reports detailing the progress and completion of various steps in the life settlement process. This includes management of medical records, life expectancy reports, insurance policy information and policy brokerage. This enables the advisors to stay engaged throughout the process and provides them timely progress reports that they can communicate to their clients.
Other value-added services:
• Over 20 institutional funding sources
• E&O coverage for all licensed advisors/agents.
• Assistance with licensing and compliance
For more information on Veris and how it is "Bringing Liquidity to Life," go to their website:
