SOURCE: Life Insurance Settlement Association

April 19, 2007 09:25 ET

Settlement Association: Awards Will Recognize Leaders in Struggle for Consumer Financial Freedom

ORLANDO, FL -- (MARKET WIRE) -- April 19, 2007 -- At its 13th Annual Spring Conference May 16-18 in New York City, the Life Insurance Settlement Association (LISA) will honor legislators and regulators, "who are strong proponents of a pro-consumer, free-market approach," says Doug Head, the Association's executive director, in announcing the Life Consumer Freedom Awards.

"Insurance is, and always has been a mechanism for wealth transfer, whether that is a small or large amount. We believe in consumer choice and options. The folks we will be recognizing represent and, in fact, stand up for personal freedom and that includes the opportunity for people to be able to realize the value in the investment they have made in life insurance," Head says, referring to legislators and regulators who he notes have taken care to protect life settlements as an option for informed consumers. "With information, and the advent of our industry, consumers can feel free to keep or sell insurance products according to their needs."

A life settlement is the sale to a third party of an existing life insurance policy for more than its cash surrender value but less than its net death benefit. Such transactions are usually undertaken for the purposes of estate or financial planning.

"Imagine a world in which you were limited in trading up on your car or house. In such a situation, you couldn't exercise the freedom which comes from the American marketplace using information to look out for your best interests. It just seems un-American to constrain a good consumer decision about life insurance with rules that do not apply to other assets. People need the same rights to make decisions about life insurance that they have in selling cars, houses or other assets when they see a better deal or want a new opportunity which fits their needs," Head says. "Around the world, there are societies where people are really trapped in the status to which they were born. They have no options. Americans know that opportunity and freedom is for all. With new information now available about life insurance, consumers have a better chance to make their own decisions and to exercise new options. Life settlements mean people who purchase life insurance are no longer chained to decisions they may have made decades ago, and can, with the right information and good professional advice, make new decisions to fit new times. The public officials we are recognizing have helped break old chains -- creating greater consumer freedom."

Ramiro Rencurrell, Of Magna Administrative Services, President of the Board of LISA said, it is important that we recognize the efforts of public officials who believe in consumer choice and fight for consumer rights in regards to life settlements and other financial innovations."

Rencurrell continues, noting, "With this award, we will celebrate those who support consumer awareness. It is regrettable that consumers sometimes feel trapped or locked into situations where our industry offers options. I am proud that our Association members and these responsible public officials have consistently supported appropriate disclosures (to consumers)."

According to LISA's Head, any consumer or life settlement industry participant may nominate legislators and regulators for Life Consumer Freedom Awards. Legislators and regulators may also self-nominate. Only LISA members will vote, and winners will be announced in conjunction with the May 16-18 meeting, which is to be held at the Sheraton New York Hotel & Towers. Nomination forms can be obtained by contacting the Life Insurance Settlement Association, 407-894-3797, or support@lisassociation.org, and will soon be available on the Association's Web site, www.lisassociation.org.

Founded in 1994, the Life Insurance Settlement Association is the oldest and largest trade organization in the industry. Its goal is to promote the development, integrity and reputation of the life settlement industry, and to promote a competitive market for the people it serves. LISA now represents 141 member companies with a wide variety of interests in the industry.

For more about LISA: www.lisassociation.org.

Contact Information

  • Contact:
    Doug Head
    Executive Director
    LISA
    407-894-3797
    Email Contact