NEW YORK, Nov. 17, 2015 /PRNewswire/ -- Abacus Life Settlements, a leading life settlement provider in the secondary market for life insurance, announced today that it recently was granted a life settlement provider license by the Hawaii Department of Commerce and Consumer Affairs and by the State of Nevada Division of Insurance. Abacus's additional provider licenses will allow the company to purchase life insurance policies in the secondary market from policy owners residing in the states of Hawaii and Nevada.
"Abacus Life Settlements looks forward to expanding our secondary market services to the more than 1.4 million residents in the state of Hawaii, 16 percent of whom are seniors age 65 plus, as well as Nevada's residents of 2.8 Million of which 14.2% are seniors 65 and older," said Samantha Butcher, chief operating officer of Abacus. Butcher noted that Abacus Settlements is now actively purchasing life insurance policies in 37 key states where life settlements are transacted. Abacus is now one of only seven industry association members (LISA) licensed to purchase life insurance policies in Nevada and only one of nine in Hawaii.
Through the geographical expansion of its business footprint, Abacus can continue to provide policy owners with the valuable life settlement option. Abacus has provided policy owners with life settlement funds of over $300 million since inception.
The company also noted that from a consumer perspective, far too many seniors are leaving large sums of money on the table when they allow their policies to lapse or surrender. Most who allow policies to lapse are not aware of the life settlement option.
"Abacus believes the time has come to broadly illustrate the financial science behind the life settlement option and to reverse the egregious lapse-rate statistics," Butcher added. "For policies that are no longer wanted or affordable, a life settlement can often be the most sensible option on the table."
About Abacus Settlements, LLC
Abacus Settlements, LLC is a licensed life settlement provider with locations in New York and Tennessee. Founded in 2004, Abacus is an active member of the Life Insurance Settlement Association (LISA) and works with life settlement brokers, professional advisors and consumers in optimizing the value of unwanted life insurance policies. The company is committed to providing consumers with the knowledge they need to make informed decisions regarding life insurance policies that are no longer needed or affordable. A life settlement may not be appropriate for all circumstances. Policy sellers should consider all options before entering into a life settlement. Abacus Settlements is not licensed in all states. For more information, visit https://abacuslifesettlements.com.
SOURCE Abacus Settlements, LLC