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Upon receipt of the executed formal offer sheet, the policy will be forwarded to Milestone’s contracting department. Milestone will provide settlement contracts to the policy owner or their representative within 24 hours of receiving the formal offer sheet. The settlement contracts include all necessary documents needed to change the ownership and beneficiary designations under the policy and compensate all necessary parties in the transaction. The most important documents include:

  • Purchase Agreement
  • Change of Ownership and Beneficiary Forms
  • Authorization to Release Policy Information
  • Escrow Agreement

The Purchase Agreement is a contract between Milestone and the seller of the policy for the sale price in exchange for a one-time cash settlement of the accepted offer amount.  This document sets forth the duties of the parties relative to the transaction.

The Change of Ownership and Beneficiary Form, authorizes Milestone to direct the insurance carrier to change the current ownership and beneficiary designations to the new owner and beneficiary.

The Authorization to Release Policy Information allows the purchaser to verify that the change of ownership and beneficiary designations have been made by the carrier.

The Escrow Agreement allows the seller of the policy to disclose how they would prefer to receive their life settlement proceeds, by either check or wire. Once the purchase contracts have been executed and returned to Milestone, the purchase price and all commissions are placed into the third-party escrow account. Funds will be disbursed after the ownership and beneficiary changes have been processed by the insurance carrier and confirmation of these changes has been made by the verification agent.

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Toll Free: 888-877-5686    Fax: 717-435-1851
48-50 W Chestnut Street; Lancaster, PA 17603
Milestone recognizes the importance of maintaining the privacy of its clients? personal information. Milestone has electronic, physical and procedural safe guards in place and abides by all H.I.P.A.A. and state statute regulations to ensure that each clients? health information is properly protected.