The Life Insurance Settlement Association (LISA), which educates consumers and financial advisors about options for unlocking the hidden value in life insurance policies, today announced a key addition to its final agenda for its 2014 Annual Fall Life Settlement and Compliance Conference on October 5th-7th at the Omni Scottsdale Resort & Spa in Scottsdale, Ariz.
Key speakers and attorneys, Gordon A. Schaller, prominent tax and estate planning attorney in Southern California, Partner, Jeffer Mangels, Butler & Mitchell LLP, along with Daniel L. Warshaw, civil litigator and trial lawyer, partner of Pearson, Simon & Warshaw, LLP, will be present and provide an overview of the recent lawsuit that has drawn nationwide attention, Larry Grill, et al. v. Lincoln National Life Insurance Co., filed in federal district court in California. In this case, the owners of a life insurance policy brought suit alleging claims for fraudulent concealment stemming from the carrier’s failure to inform them of the existence and possibility of selling their policy into the secondary market.
“This is an important case for the life settlement industry because it’s one of the first lawsuits alleging that life insurers have an affirmative obligation to disclose the existence of the life settlements option” said Darwin Bayston, President and CEO of the Life Insurance Settlement Association.
While nearly 80 percent of baby boomers and seniors are interested in life settlements as a means to supplement retirement finances, many seniors — and many of their financial and legal advisors — are not aware that a life insurance policy is personal property and may be sold as a life settlement for a value greater than its cash surrender value. “As a result, billions of dollars (face value) of policies that are no longer needed, wanted or affordable are lapsed and surrendered back to life insurance carriers by seniors who might have sold them for a cash payment” says Bayston.
Gordon A. Schaller along with Daniel L. Warshaw are scheduled to speak on Monday October 6th at 2:30 PM.
Shannon L. Fleshman