Select Life In Strategic Joint Venture With Maryland Firm
(Long Island Business News, April 25, 2008)
Northport-based Select Life Settlement Corporation merged with Rockville, Md.-based Chesapeake Financial Settlements to form Veris Settlement Partners.

The two partnering companies, now Veris Settlement Partners, are life settlement companies that facilitate the purchase of life insurance policies from people who no longer need them, for example if the beneficiary dies.

Life settlement investors pay cash for the policies, most often a higher value than the amount paid by the life insurance company, and then maintain the premium payments and collect on the policy when the insured dies.

Because life settlements are often taken out by people over 65 years of age, this industry has been growing rapidly and is expected to continue to expand with the increase of retiring baby boomers.

"As the industry matures and becomes more widely regulated, life settlement brokers will increasingly need both scale and scope to meet the demand for compliance and professionalism," Russel Dorsett, Co-Managing Director of Select Life.