Magna Works With Proformex to Offer Ability to Digitally Manage Life Insurance Policies

AUSTIN, Texas, June 19, 2019 /PRNewswire/ -- Magna Life Settlements, Inc. (Magna), a top life settlement provider, today announced a joint offer with Proformex, the leading provider of on-demand SaaS solutions for in-force life insurance. In collaboration with Proformex, Magna will offer exclusive pre-paid vouchers to qualified insurance agents and wealth advisors to use Proformex's InForce Policy Management platform at reduced or no cost.

Through this effort, agents using the platform will be able to proactively monitor their inforce book of business, uncover at-risk policies and identify life settlement opportunities within their portfolios. By eliminating the administrative complexities that can often weigh agents down, Proformex empowers agents to monitor current and prospective clients' policies, regardless of carrier or distribution channel, in a single, secure platform.

"Proformex is excited to partner with Magna," said Michael Pepe, the president and founder of Proformex. "Combining in-force policy monitoring and settlement evaluations will help agents provide their clients clarity around how their policy is performing, whether the policy continues to meet the client's needs, and if not, what options are available to the client to modify, replace or sell a policy that is underperforming or no longer meets a client's needs."

Proformex's system provides powerful portfolio management by combining every policy into one digital platform. Agents in the Proformex platform will have access to advantages like streamlined policy review, individual policy performance monitoring using customized parameters and the ability to identify specific opportunities for policyholders, such as life settlements for seniors still paying premiums on an unwanted policy.

"We knew a partnership with Proformex would help agents with mature books of business quickly digitize their books," said Scott Harris, the chief marketing officer of Magna. "Giving agents the ability to quickly identify which life insurance policies may have life settlement value not only helps the agent, but also provides value to policy owners who no longer want or need their policies. Proformex's tool is a must-have for agents who are ready to evolve from their spreadsheets or paper files to an online platform."

Magna has been working in the life settlement market since 2004, and it is licensed to do business with advisors, agents and consumers in any state who wish to pursue a life settlement. A settlement can provide cash for the policyholder and convert a premium liability into an asset.

More information about the opportunity for agents to qualify for a free Proformex subscription can be found at Proformex.com/Magna.

About Proformex

Proformex provides life insurance in-force policy management solutions to independent agents, financial advisors and trustees. Its carrier and distribution agnostic platform enables customers to securely store, manage and analyze their entire in-force book of business in one place. Designed to expedite the policy review process and proactively alert customers of potential problems with their client's life insurance policies, Proformex protects policies against lapsing, degradation and asset erosion.

About Magna Life Settlements

Magna Life Settlements buys life insurance policies from older Americans who no longer want or need them. As one of the largest providers of life settlements in the U.S., Magna is a top buyer of life insurance policies, licensed and able to do business nationwide. Magna is dedicated to providing an option for older Americans to sell their policy and put their financial asset to use while they are still living. For more information about Magna or to schedule a call with a life settlement representative, visit Magna's site to learn more.

Press Contact:

Nikol MoenNikol.Moen@magna-life.com
512-717-5229

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Magna Life Settlements | Sell Life Insurance Policy Online
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SOURCE Magna Life Settlements