The "Express Indicative Value" is appropriate for the policy owner who is contemplating options to maintaining a policy and would like to get a general sense of potential value. The "Market Bid(s)" option is appropriate for the policy owner who is more actively interested in "testing the market" to assess actual demand for the policy.
Neither process entails or implies a commitment to any further actions or to 1908advisors, and both are free of charge. In the event, though, that the policy owner wishes to solicit live Market Bids, we will require a brief call to ensure that all parties are comfortable with the steps that will be undertaken and what information will be required of the policy owner.
Turnaround time: 48 hours
Required Inputs: Complete the Application, ignoring the "Medical Questionnaire" section
Time to Complete: ~30 minutes
Output: A directionally useful range of five (5) indicative values from "very healthy" to "very unhealthy". Takes into account the basics of the insured, policy (carrier, policy type, premium load, policy maturity age) current market demand/pricing, but is *not* a bid and should not be construed as such. Depending on a number of variables and market activity, the market value could diverge from this range.
Turnaround time: 5 - 10 business days
Additional Required Inputs: "Medical Questionnaire" section, and a copy of the policy and a recent In-Force illustration
Time to Complete: ~1 hour
Output: Live Market Bid(s), with contingencies (e.g., receipt and analysis of medical records that support impairments claimed).
Note: Before we undertake a process to solicit bids, we would require a call/video conference to ensure an understanding of the Advisor and/or policy owner of the process.
NOTE: We will not request or take possession of any medical records, requesting only that you describe your health status and provide basic, high-level descriptions of impairments, so that the buyers can make informed bids. Any prospective buyer will ultimately require some medical records, typically 2 - 5 years, and that you sign a HIPAA release.