ORLANDO, FL -- (Marketwired) -- 06/05/13 -- The Life Insurance Settlement Association held its 19th Annual Spring Conference in Las Vegas last week. This premier event in the life settlement market welcomed attendees from around the globe who discussed and explored numerous topics surrounding the revitalized life settlement market.
"The conference delivered a sense of awareness and urgency to the new opportunities available in the life settlement industry over the next decade," said Alan Buerger, Chairman of LISA.
"The conference was a resounding success," added Darwin Bayston, President of LISA, who reported that the conference hosted more than 170 registered attendees representing participants from within and outside of the life settlement industry.
Among the highlights of the conference was a presentation from Professor Narayan Naik of the London Business School of a study of more than 9,000 settled life insurance policies totaling more than $24 billion of death benefits. Professor Naik reported that the study confirmed consumers received an average of more than four times the amount they would have received had they surrendered their policies back to life insurance carriers. The study also concluded that investors in life settlements have done well over the past decade -- that expected internal rates of return were substantial, falling in a range of between 11 percent per annum and over 19 percent per annum. Even when adjusting for revised underwriting over the past decade, Professor Naik reported that investors came out ahead.
Conference attendees were treated to a riveting presentation by author and motivational speaker Scott Burrows, and from two Georgetown University law students who re-enacted their championship moot court arguments on legal issues affecting the secondary market for life insurance. Building on past conferences, Amy McIlwain of Financial Social Media spoke to attendees about successfully integrating social media into their businesses.
Andrew Plevin, Co-CEO of BroadRiver Asset Management presented the case that a very large base of funds is available from institutional investors, especially pension funds, for investment in life settlements. The challenge, Plevin said, is to create an acceptance of life settlements as a viable asset class of sufficient market size and availability of product to attract these institutional funds. Simon Errit, Chairman of the European Life Settlement Association, led a panel discussion on the opportunities for European investors to participate in the US life settlement market.
The growing attention to the ability of seniors to use the proceeds from a life settlement to finance the costs of long-term care received much attention and discussion. Kentucky State Representative Robert Damron discussed efforts by the Kentucky Legislature to adopt legislation to allow seniors to use proceeds from the sale of their life insurance policies for long-term care and still qualify for Medicaid benefits. To date, more than one in five states have actively considered life settlements as a means to offset the growing costs of Medicaid. Attendees openly discussed how life settlements can be integrated into discussions with families, elder care providers and traditional insurance advisors, all of whom are concerned about the impact of the long-term care crisis on their loved ones and clients.
During the conference, LISA also elected four Board Members to serve for two year terms, as follows:
- Cynthia Poveda, COO, Life Equity, LLC
- Sheri Townsend, Asset Servicing Group
- James Maxson, Morris, Manning & Martin, LLP
- Rob Haynie, Life Insurance Settlements, Inc.
They join six current directors:
- Alan Buerger, Coventry
- Nate Evans, Maple Life Financial
- Mike Fasano, Fasano Associates
- Vince Granieri, Predictive Resources, LLC
- Phil Loy, AVS, LLC
- Paul Siegert, GWG Life
Bayston concluded, saying: "We are very pleased that we were able to deliver valuable information and enthusiasm to both LISA members and those who are interested in the life settlement market."
LISA will hold its Fall Conference October 9-11 at the Peabody Hotel in Orlando, FL.
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