Integrity Capital Partners Blog

Maine Amends Life Settlement Law

Tuesday, January 19th, 2010

The Maine legislature has enacted a law clarifying the state’s requirement that life insurance companies notify policy holders of their option to sell their policy rather than let it lapse.

The new law amends PL 2009, c. 376, which was signed into law in June by Gov. John Baldacci. That law requires life insurers to inform individuals that there are alternatives, including life settlements, to surrendering their policy or allowing it to lapse.

The new legislation clarifies that c. 376 applies to policies with death benefits of at least $100,000, where the policy owner is at least 60 years old or is terminally or chronically ill.

Tags: Articles, Industry, Life Settlements
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Integrity Capital Partners Ranked 2nd Fastest Growing Insurance Related Company in US by Inc. Magazine

Monday, January 11th, 2010

Integrity Capital Partners, leader in the secondary life insurance market, announced today that it has been ranked the 2nd fastest growing insurance related company in the US by Inc. magazine. The company was also ranked 156 on the 2008 Inc. 500 list of fastest growing companies in America, having experienced 1454.6% growth over the last three years. This achievement places Integrity Capital Partners among elite companies such as Microsoft, Timberland, Oracle and others who have been on this list in years past.

“Integrity Capital Partners has seen significant growth in the last few years — a testimony to our efforts to provide services that meet our clients’ needs in the most ethical and transparent way,” said President and CEO Robert Finfer. “With years of expertise, we expect to continue experiencing financial success as our service offerings continue to exceed client expectations.”

In addition to inclusion on these Inc. magazine lists, Integrity Capital Partners has been annually recognized as one of the largest insurance companies in the Washington Metropolitan area by Washington Business Journal.

Through its secondary life insurance offerings, Integrity Capital Partners enables its customers to sell their policies to investors, allowing them to transform their unneeded or unwanted life insurance policies into lump sum cash settlements. This gives customers an opportunity to generate substantial capital from a policy that might otherwise become a wasted asset.

Additionally, Integrity Capital Partners enables its senior clientele, and agent network, to access the best Estate Planning tools in the market.

About Integrity Capital Partners, LLC

Integrity Capital Partners is a leading life insurance settlement and premium finance broker located in Bethesda, MD. Offering Life Settlement Brokering Services and Premium Finance Concepts, Integrity extends E&O Coverage to all of its producer clients and is a proud member of NAIFA, LISA and an MDRT “Top of the Table” producer. For more information about Integrity Capital Partners, call 1-866-500-7850 or email us at info@integrityp.com.

Tags: Award, Integrity Capital Partners, Life Insurance, Life Settlements, Premium Finance
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Integrity Capital Partners Launches New Capital

Monday, January 11th, 2010

Integrityp.com is an exclusive service provider of life settlement and premium financing institutions adhering to wide range of work ethics and a commitment to excel.

Integrity Capital partners is a leading broker of the life settlements and other premium financing programs. We are one of the prominent members of Localization Industry Standards Association (LISA) and National Association of Insurance and Financial Advisors (NAIFA).

Our Principal Robert E. Finfer is the honorable producer of the trade association Million Dollar Round Table (MDRT). It extends in 32 states and extends to E&O coverage. With an excellent commitment to work ethics, it continues to have access to the best financial and institutional funding from United States and abroad.

We have a strong industry expertise that allows for the in depth analysis of any policies like the traditional life settlement, recourse and recourse premium financed policies, contestable policies, bridge financing on policies with the existing loans, rescue programs on policies facing the lapse status and the small face programs for clients having realistic expectations.

In addition to these services we have introduced a real worth program called as the “Term it around”. This program is targeted towards the insurance policy owners who are aged between 56 to 75 years; the policy in question needs to be over 2 years. The policy which is issued at a price less than the standard will not be entertained in the pricing model. The payouts of the policy will be around 1-3% of the face value of the policy.

The nature of our work will be basically performance of agency functions. Some of the distinct characteristics with our deal are as follows: We adhere strictly to the “No shop policy” i.e. we do not entertain any transactions that have been dealt by any brokers or intermediaries.

Out of our rich experience over 8 years we believe to the fact that dealing with complete transparency is the key for the production of best results.

Tags: Articles, Integrity Capital Partners, Life Insurance, Life Settlements, Premium Finance
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Integrity Capital Partners Facilitates Disposition of $130 Million of Life Insurance Policies For X-Rite, Inc.

Monday, January 11th, 2010

BETHESDA, Md., Nov. 17 /PRNewswire/ — Integrity Capital Partners (ICP), a leader in the secondary life insurance market, has facilitated a very unique transaction to assist X-Rite, Inc., a publicly-traded color science and technology company, in increasing its cash and eliminating expenses of unwanted life insurance policies.

ICP was given the task of evaluating the viability and continued ownership of life insurance policies owned by X-Rite that were placed upon the lives of X-Rite founders who are no longer involved with the company. The life insurance policies ranged between $5 million and $20 million in face value. ICP marketed the policies to nearly 40 institutional capital sources in an effort to achieve the best possible price for X-Rite, Inc.

“We were excited to have been able to achieve a valuation in excess of 50% over the cash surrender value for X-Rite on the policies that were sold,” commented Robert Finfer, CEO of Integrity Capital Partners. “By removing the policies from X-Rite’s balance sheet, the company received a cash payout of approximately $20.6 million and freed up its ongoing obligation to pay the costly insurance premiums for these policies which were in excess of $6.7 million annually.”

“We are always excited when we see a financial transaction of this type provide such a great result for the client, and it’s always great to work with organizations like X-Rite who are wiling to utilize unique and very creative ways of increasing a company’s cash position,” Finfer said.

“Robert Finfer’s facilitation of this life settlement transaction was a key part of the overall recapitalization of X-Rite,” said David Rawden, CFO of X-Rite. “He was able to exceed our expectations in a very difficult economic environment.”

This untraditional way for companies to increase cash and eliminate the costly expense of premiums through life settlements is likely to become more common as companies become more familiar with how this type of transaction can maximize the value of their assets.

About Integrity Capital Partners

Integrity Capital Partners (http://www.integrityp.com) is a leading life insurance settlement and premium finance broker located in Bethesda, MD. Offering Life Settlement Brokering Services and Premium Finance Concepts, Integrity extends E&O Coverage to all of its producer clients and is a proud member of NAIFA and LISA, as well as an MDRT “Top of the Table” producer. Integrity Capital Partners was recently ranked as the 2nd fastest growing insurance related company in the U.S. by Inc. magazine, and is recognized annually as one of the largest insurance companies in the Washington Metropolitan area by the Washington Business Journal.

Tags: Industry, Integrity Capital Partners, Life Settlements, Partnership
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Life Settlement and Premium Finance Articles

Thursday, January 7th, 2010

• Longer Life Expectancies Spell Changes for Life Settlements (Agent’s Sales Journal December 2008)
• Cashing In: An Insurance Man Builds a Lively Business in Death (Wall Street Journal, 11/27/07)
• Top Insurance Brokers & Agents (Washington Business Journal, July/August 2007)
• Settling Premium-Finance Policies Can Be Thorny for Agents, Clients (National Underwriter, 06/25/07)
• Are Today’s Battles Déja Vu All Over Again (National Underwriter, 04/30/07)
• Late in Life, Finding a Bonanza in Life Insurance (New York Times, 12/17/06)
• Business Uses for Life Settlements (Life Insurance Selling, April 2004)
• Perspective: New Twist (Trusts & Estates, November 2003)

Tags: Articles, Life Insurance, Life Settlements, Premium Finance
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Life Settlement Basics

Thursday, January 7th, 2010

As boomers head into retirement, insurance agents are increasingly interested in the thriving life settlement industry. If you think you have a settlement opportunity, follow these basic rules to help you lock in the best deal for you and your client.

 Rule #1: Work With a Specialized Broker
Unlike direct providers, specialized brokers are interested in getting your clients the best purchase price for their policies and are positioned to complete the transaction expeditiously. They have actionable knowledge of all of the processes required to submit a case, and they will complete the fiduciary responsibility to achieve the highest price and be able to provide that information to the policy owner.

 Rule #2: Research Your Broker
When choosing a broker, make sure that he or she is a member of a reputable association, such as LISA, which vets its members to ensure they have the necessary compliance and professionalism. Request references and do some background checking to confirm that your broker has not experienced any prior litigation or license infractions. Finally, make sure that he or she is licensed to transact life settlement business in the policy owner’s state.

 During the selection process, remember that presenting your case to several brokers is unlikely to result in a better offer, and can actually result in a lower bid or no bid. Dealing with a single broker will help you avoid impinging upon existing relationships, creating questions about the “Broker of Record,” and generating an overall negative impression of the case.

 Rule #3: Understand the Timeframe
Even the most seamless life settlement case can take four or five months to complete. Allow up to 12 weeks to procure medical records and life expectancies and up to three weeks for providers to make final offers. The policy owner will need time to make a decision after an offer is made, and the carrier has 30 days to make changes after the package has been sent to escrow. Once they have received the change forms, escrow agents have three days to pay the client. Contracts are typically written with a 15 business-day rescission period, and agents should not expect to be paid until at least three weeks after the client is paid.

 Properly managing expectations is essential to completing a successful settlement transaction. In addition to a realistic timetable, make certain that your broker is not only willing to disclose the amount being paid by the provider, but that he or she will provide proof of multiple bids at the end of the process in order to confirm that the policy was properly shopped. Familiarize yourself with the process and communicate frequently with your client and broker.

 Robert Finfer is President and CEO of Integrity Capital Partners, a secondary life insurance leader and one of the largest insurance companies in the Washington Metropolitan area. Robert is a “Top of The Table” Producer and member of LISA, NAIFA and MDRT, and can be contacted at rob@integrityp.com.

Tags: Industry, Life Settlements, Robert Finfer
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