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Growing While Pursuing Life Settlements as an Exit Strategy With an in-depth knowledge of life insurance products, we know how to maximize their value as life settlements. A secondary market of banks, insurance companies and hedge funds are willing to pay for policies that qualify. Nearly half of all life settlement transactions are being used to purchase new life insurance. “A strong secondary market will make life insurance a more attractive product,” commented Steve Shorrock, Co-Managing Director of Select Life Settlement Corporation. “Having a potential exit strategy will ultimately encourage more people to purchase life insurance, buy bigger policies and hold on to them longer. It will open the door to new products that focus on living as well as death benefits.” “We currently have a life settlement case in which the proceeds will fund a couple’s long-term care needs instead of placing them in the poor house," Shorrock continued. “That’s why I say life settlements are consumer-driven.” “The potential for life settlements on Long Island is huge. One insured outlived his beneficiaries so he’s selling a policy and donating the proceeds to charity. It’s a wonderful use of an asset that he doesn’t need or want anymore.” Shorrock served as President/CEO of Bankers Life Insurance Company of New York from 1990 to 2003 and as the Chief Financial Officer of its parent company, the AmerUs Life Insurance Group. His efficient, hands-on management style as well as his unique combination of financial flair, innovation and marketing prowess helped make Bankers Life a rising star in the insurance industry. Shorrock then served as Chief Operating Officer of Improved Funding Techniques, an innovative actuarial and consulting pension firm in Lynbrook, Long Island, becoming a leader in a sophisticated organization that designs, implements and administers qualified pension plans. He founded LifeVentures and Select Life in January 2006. He has achieved the insurance and financial planning designations of Chartered Financial Consultant (ChFC), Certified Long-Term Care Consultant (CLTC), Certified Financial Planner (CFP) and Fellow of the Life Management Institute (FLMI). Russel Dorsett, our other Co-Managing Director, is known globally and has been a principal speaker at conferences and conventions around the world. He has served as a senior executive for a number of major companies, including eight years as the Managing Director and CEO of AIA Australia and AIA Superannuation Company. Dorsett also had regional responsibilities for AIG's life and pension businesses in Australasia. He has held the Chartered Life Underwriter (CLU) designation for over 25 years. (Key personnel in photo below, from left to right: Operations Director Liz Ramirez, Co-Managing Directors Russel Dorsett and Steve Shorrock, Marketing Director Randy Vogt.)
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