Berkshire Settlements has received a licence to conduct business as a life settlement provider in the state of Oregon.
The approval enables Berkshire to purchase life insurance policies in Oregon and also confirms that the company’s representatives are ‘trained and qualified to properly inform the consumer of all relevant contract provisions.’
Berkshire Settlements CEO John Dallas said: “As a direct buyer of life insurance policies that consumers no longer need or can afford, we look forward to serving the people of Oregon by helping them to maximize the value of these assets and generate immediate cash to help meet their personal financial needs.”
A life settlement is the sale of a life insurance policy by the owner 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.
Berkshire can now acquire policies from consumers in 41 US states.