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B. Andres (Drew) Plant
FOR IMMEDIATE RELEASE
Habersham Funding LLC Life settlement pioneer licensed in California
Atlanta, May 16, 2007 Habersham Funding, LLC, an Atlanta-based firm that does business nationally, has been licensed as a viatical settlement provider in California. The company received notification of its licensure within the last few days.
Habersham, which was founded in 2001 by settlement industry pioneer M. Bryan Freeman, provides the funds for viatical and life settlements, which enable seniors who no longer want or need their life insurance to receive an advance cash payment for their policy, or those with a terminal illness to live with dignity in their last days.
“Given that ours is a young industry,” says James W. Maxson, Habersham’s general counsel, “participating in the regulatory process and diligently pursuing these licenses is a responsibility we take seriously. We know that, for all parties involved, dealing with reputable settlement companies that understand the importance of complying with the law is critical to advancing consumer’s rights to sell their life insurance policies.”
Adds Habersham’s Freeman, “Although we’ve applied for and received many other state licenses, California is known for staunchly protecting consumers, so we’re especially proud to have earned this license. Indeed, responsible regulation that guards and protects the rights of consumers to sell their life insurance policies is a positive reflection of our industry and its consumer-oriented service: It helps reassure all parties to life settlement transactions and helps cement solid and unprecedented financial relationships for us.”
“The secondary market for life insurance has undergone a rapid evolution,” Freeman says. “This industry began 18 years ago as a niche service for people who faced serious illness. Today, the industry has come into its own; life settlements are now being embraced by insurance agents, attorneys, accountants and financial planners for everyone from people of modest means to high-net-worth individuals.”
“Having a secondary market for life insurance policies,” he says, “gives the policies liquidity similar to residential mortgages and stocks. And, with the senior population growing rapidly, this means we have an opportunity to work with them and their advisors in the tradable life policies market, currently worth billions of dollars and growing.”
With its licensure in California, Habersham Funding can buy life settlement policies in all states and most US territories (including Washington, DC) with the exception of Alaska and Florida. Currently, there are several states in which Habersham cannot purchase policies from terminally ill policy owners, but Habersham is pursuing those licenses as well.
M. Bryan Freeman has been a licensed insurance agent for 28 years and has helped people sell their life insurance for cash settlements for 17 years. He served an unprecedented four terms as president of the Life Insurance Settlement Association, the industry’s oldest and largest trade organization, and remains on LISA’s board as vice president of government relations. In 2006 he was recognized with resolutions from both houses of the Georgia Legislature for his settlement industry leadership. www.habershamfunding.com
Note: An e-photo of Freeman is available.