FORT WASHINGTON, Pa. Coventry Financial LLC, an originator of life settlement transactions, has established a lobbying group.
The Life Settlement Coalition will include providers and brokers and promote life settlements to consumers.
A life settlement is the cash sale of a life insurance policy by the policyholder to a third party. The sale can be for more than the cash value inside the policy at time of sale. The policy is still for the person who originally bought the insurance, but the third party takes over premium payments and becomes the policys beneficiary.
Coventry Financial, which said commitments to life settlements should top $1 billion this year, announced the coalition Friday.