FOR IMMEDICATE RELEASE

Life settlement funding company enters market

December 28, 2001 – Habersham Funding LLC, a Georgia-based life settlement funding company, began purchasing its first life insurance policies earlier this month. It is one of the few new entries into the secondary market for life insurance in quite some time.

Habersham provides the funds for life settlements, which enable life insurance policy holders who no longer want or need their life insurance to receive an advance cash payment for their in-force policies.

"We’re coming into the market with a consortium of financing that takes into account the broad spectrum of people who want and need to sell their policies," says M. Bryan Freeman, managing member of Habersham, noting that the company’s funding and market position open up a market for policies that have not been saleable in the last few years.

Habersham purchases policies with face amounts from $100,000 upward, with most being the larger policies of high-net-worth individuals, he says. Freeman notes that the company has already reviewed policies of all types (term, whole life, universal, variable life and survivorship) for purchase and that it will continue to consider a wide range of policy types and ownership scenarios, so long as any policy submitted for underwriting has passed its contestable period.

"The majority of policies reviewed have come to us through third-party referrals as professionals learn that there is a new purchasing entity out here, and that we are experienced and ready for rapid and efficient production volume," Freeman says. He emphasizes that Habersham will continue to build an active network of insurance and other financial service professionals who encounter policies for which the life settlement option is appropriate.

"Because policies come to us through professionals – such as attorneys, accountants, financial advisors and others – who we have helped educate about the secondary market for life insurance, the policies are essentially pre-qualified; the professionals who are knowledgeable about insurance have already identified the fact that the settlement option may be right for this client and this policy at this time," Freeman says. "That creates a win-win for the professional who sends us the case and for his or her client."

He has been a licensed insurance agent for more than twenty years and has helped people sell their life insurance for cash settlements for more than 12 years.

Freeman entered the settlement market in 1989 as Benefits America – a viatical and life settlement broker, in response to a growing need in the wake of the AIDS pandemic. He says that Benefits America is among the oldest viatical and life settlement firms nationally.

Contact: Drew Plant, 404-233-8275, or evenings, 404-634-7102, drewplant@benefitsamerica.com

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Editors:

  • Electronic and hard-copy photos of Mr. Freeman are available, as is a Habersham Funding LLC logo.