NEW YORK, Aug. 23, 2016 /PRNewswire/ -- Abacus Life Settlements, a leading life settlement provider in the secondary market for life insurance, announced today that it was granted a life settlement provider license by the Florida Department of Financial Services, Office of Insurance Regulation. Abacus is now licensed to purchase life insurance policies in 38 states, as noted on the company's web page at www.abacuslifesettlements.com/licensure/.
"Abacus Life Settlements looks forward to expanding its secondary market services to the more than 20 million residents in the state of Florida, 19.4 percent of whom are seniors 65 or older," said Samantha Butcher, chief operating officer of Abacus. "We encourage Florida policy sellers to visit our Life Settlement Learning Center located at www.abacuslifesettlements.com/policy-sellers/ and to use our online pre-qualification and pricing tools.
"As the state with the highest percentage of seniors, Florida's licensure process for viatical and life settlement providers is considered one of the most rigorous in the nation," said Abacus's general counsel, Brady Cobb of the Cobb-Eddy Law Firm in Ft. Lauderdale, FL. "Abacus is honored to be among the few providers who are approved by Florida's Office of Insurance Regulation to work with policy owners residing in the state," added Cobb.
According to a recent report published by The Deal involving settlement transactions in 2015, Abacus ranked number two in the nation for the total amount of death benefit coverage purchased, and number three for the total number of policies purchased. Butcher noted that Abacus's industry ranking, which places it among the nation's top three providers, strengthens the company's market position when competing for policy acquisition and new investment capital.
Abacus believes the recent resurgence of the secondary market for life insurance provides senior consumers with a valuable funding source for alternative income-producing investments. For aging baby boomers who may be financially ill-prepared for their own longevity, life settlements can be a source of funds to help pay for medical and long-term care expenses.
Abacus officials expressed optimism that the industry's robust growth trajectory will remain strong as more seniors choose to optimize their insurance assets, and as institutional investors capture yield while insulating investment portfolios from stock market volatility.
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 www.abacuslifesettlements.com.
Samantha Butcher, COO
SOURCE Abacus Life Settlements