J.G. Wentworth gets life-settlement licenses

The firm's life settlements units have received provider licenses in 22 states and have filed applications with five others.
MAR 04, 2008
By  Bloomberg
J.G. Wentworth Inc. today announced that its life settlements subsidiaries have received provider licenses in 22 states. The Bryn Mawr, Pa.-based company’s subsidiaries, J.G. Wentworth Life Settlements LLC and J.G. Wentworth Life Settlements (DE) LLC, have also filed license applications with five other states that require licensing. Twenty-three states and the District of Columbia don’t require licensing for life settlement providers. A life settlement involves the selling of one's life insurance policy to a third party for a one time cash payment. The purchaser then becomes the beneficiary of the policy and begins paying the premiums. Rather than focusing on million-dollar life insurance policies that are no longer needed by their high-net worth owners, J.G. Wentworth is reaching out to individuals with policies worth more than $50,000. “The majority of policies are owned by average individuals and have face amounts of $500,000 or less,” Scott Willkomm, chief operating officer of the company’s life settlements business, said in a statement. “We can efficiently service these policies with our consumer-oriented business model.”

Latest News

RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence
RIA moves: True North adds $353M California RIA as SageView grows North Carolina presence

Plus, a $400 million Commonwealth team departs to launch an independent family-run RIA in the East Bay area.

Blue Owl Capital, Voya strike private market partnership for retirement plans
Blue Owl Capital, Voya strike private market partnership for retirement plans

The collaboration will focus initially on strategies within collective investment trusts in DC plans, with plans to expand to other retirement-focused private investment solutions.

Top Commonwealth advisor to recruiters: Stop with the cold calls already!
Top Commonwealth advisor to recruiters: Stop with the cold calls already!

“I respectfully request that all recruiters for other BDs discontinue their efforts to contact me," writes Thomas Bartholomew.

Why AI notetakers alone can't fix 'broken' advisor meetings
Why AI notetakers alone can't fix 'broken' advisor meetings

Wealth tech veteran Aaron Klein speaks out against the "misery" of client meetings, why advisors' communication skills don't always help, and AI's potential to make bad meetings "100 times better."

Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit
Morgan Stanley, Goldman, Wells Fargo to settle Archegos trades lawsuit

The proposed $120 million settlement would close the book on a legal challenge alleging the Wall Street banks failed to disclose crucial conflicts of interest to investors.

SPONSORED How advisors can build for high-net-worth complexity

Orion's Tom Wilson on delivering coordinated, high-touch service in a world where returns alone no longer set you apart.

SPONSORED RILAs bring stability, growth during volatile markets

Barely a decade old, registered index-linked annuities have quickly surged in popularity, thanks to their unique blend of protection and growth potential—an appealing option for investors looking to chart a steadier course through today's choppy market waters, says Myles Lambert, Brighthouse Financial.