Before you sign anything, find out whether the company you are talking to is a provider or a broker — a provider is the licensed entity that actually buys your policy, while a broker represents you, shops the policy to multiple providers, and is paid a commission out of your proceeds. They are different roles with different incentives, and the paperwork should say plainly which one you are dealing with.
This is a buyer-education page, not a directory. We do not rank companies and we do not publish profiles of other firms. What we can give you is the checklist New York City metro families — Kings, Queens, Bronx, New York, Richmond, Nassau, Suffolk, Westchester and Rockland counties — should run before handing over a policy or a medical release.
Pine Lake Life Solutions reviews policies with a death benefit of $100,000 or more and typically pays more than cash surrender value. Send the policy cover page for a free review, or call (305) 209-7183.
In This Article
- Provider vs. Broker: The Distinction That Changes Everything
- Verify the License Before Anything Else
- Escrow and Rescission Are Not Optional Niceties
- The Questions That Actually Reveal Something
- Why Two Life Expectancy Reports Matter
- A Local Office Is Not a Screen — Licensure Is
- Warning Signs Worth Walking Away From
- What a Free Review Looks Like Here
- Frequently Asked Questions
Provider vs. Broker: The Distinction That Changes Everything
A provider is the licensed buyer. The provider’s own capital, or the capital it represents, purchases your policy, and the provider is negotiating for its side of the trade. A broker works for you. The broker takes your file to multiple providers, runs a competitive process, and earns a commission out of the proceeds — a commission that must be disclosed to you in dollars.
Neither role is wrong. What is wrong is not knowing which one is on the other end of the phone. Ask directly: are you a licensed provider or a licensed broker, and who pays you? A straight answer takes one sentence.
Verify the License Before Anything Else
New York licenses life settlement providers and brokers under Article 78 of the New York Insurance Law, one of the most prescriptive regimes in the country, administered by the New York State Department of Financial Services. Use the DFS license lookup to confirm the company and the individual you are dealing with, and confirm the license is current.
This is a five-minute check and it is the single most useful thing you can do. A company that hesitates when you say you are going to verify its license has told you everything you need to know.
Escrow and Rescission Are Not Optional Niceties
Money should move through an independent escrow agent — a third party that holds the funds while the ownership change is processed with the insurance carrier, and releases them to you only when the transfer completes. Ask who the escrow agent is and confirm they are genuinely independent of the buyer, not an affiliate with a similar name.
You should also receive a statutory rescission window after funding, commonly around 15 days in many states — verify New York’s current 2026 figure. That is your right to unwind the transaction and return the money. It should be stated in the contract, not just mentioned on a phone call.
The Questions That Actually Reveal Something
Five questions do most of the work. What is the gross offer and what is the net to me, both in dollars? Who is being paid what — commissions, fees, and to whom? How many licensed providers actually saw my file, and can you show me the competing indications? Were two independent life expectancy reports ordered? And what happens to my medical records after the transaction closes or falls apart?
Note that gross versus net is the one that catches people. An impressive-sounding gross number with commissions and fees taken out of it can net less than a plainer offer from a process with fewer hands in it. Insist on dollars, in writing.
| What to check | Where to check it | What a good answer looks like |
|---|---|---|
| Provider or broker? | Ask directly; confirm in the contract | A one-sentence answer plus written disclosure of who pays whom |
| License status | NY Department of Financial Services license lookup | Current license under Insurance Law Article 78, company and individual |
| Gross vs. net offer | Written offer document | Both figures in dollars, with every deduction itemized |
| Commissions and fees | Disclosure documents | Named recipients and amounts, not percentages alone |
| Competitive process | Ask how many providers saw the file | A count, and copies of competing indications |
| Life expectancy reports | Ask the buyer or broker | Two independent reports ordered and disclosed |
| Escrow agent | Closing documents | A named third party, independent of the buyer |
| Rescission window | Contract | Stated in days, consistent with New York law (verify 2026) |
Why Two Life Expectancy Reports Matter
Pricing in this market is driven almost entirely by life expectancy underwriting. Buyers order reports from independent medical underwriting firms based on your records. Two reports rather than one reduces the chance that a single outlier assessment sets the price for your policy.
You are entitled to ask whether two reports were ordered and how they were used. If the answer is one report and the offer is at the low end of the range, that is a reasonable thing to push back on before you accept.
A Local Office Is Not a Screen — Licensure Is
Families across the metro often start by searching for a company with an office nearby. It is an understandable instinct and a poor filter. Nearly every buyer in this market works remotely, by mail and secure upload, whether their office is in Garden City or a thousand miles away. The transaction is documents and wire transfers.
What actually protects you is the New York regulatory framework: a licensed counterparty, filed contract forms, mandated disclosures, an independent escrow agent, and a rescission window. Verify those and geography stops mattering. Do not verify them and a local address protects you from nothing.
Warning Signs Worth Walking Away From
Pressure to sign quickly, especially framed as an offer that expires today. Refusal to put the net dollar figure in writing. Vagueness about who is licensed and in what capacity. A request for your medical release before you know who is receiving the records. And any suggestion that you should not have your own attorney or accountant look at the contract.
Also be careful with anyone who tells you what your policy is worth before seeing an in-force illustration. Pricing depends on what it costs to keep the policy alive, and nobody knows that from a phone conversation.
What a Free Review Looks Like Here
Send the policy cover page. That single page tells us the carrier, the face amount, the policy type and the issue date — enough for an honest first read about whether the policy looks marketable at all. If it does, four documents firm up an indicative range: the cover page, a current in-force illustration, your latest carrier statement, and a signed HIPAA authorization.
A standard case takes roughly 60 to 120 days from application to funding. The review itself is free, there is no obligation, and you decide what to do with the information. Call (305) 209-7183.
This page is educational only. It is not legal, tax or investment advice, and it is not an offer to purchase any policy. Verify all 2026 figures against current state and federal sources.
Frequently Asked Questions
What is the difference between a life settlement provider and a broker?
A provider is the licensed entity that actually buys the policy and negotiates on its own behalf. A broker represents the policy owner, shops the file to multiple providers, and earns a commission paid out of the proceeds that must be disclosed. Ask which one you are speaking with before you sign or release medical records.
How do I check whether a company is licensed in New York?
Use the New York State Department of Financial Services license lookup. New York licenses both providers and brokers under Article 78 of the Insurance Law, and you can verify the company and the individual. Confirm the license is current, not merely that a record exists.
Do I need to use a company with a New York office?
No. Almost all buyers in this market work remotely by mail and secure upload, so a local office is not a meaningful quality screen. Licensure, disclosure, independent escrow and the rescission window are what protect you. Verify those instead of geography.
What is a rescission period?
It is a window after funding during which you can cancel the transaction and return the proceeds. Many states set it at roughly 15 days; verify New York’s current 2026 figure. It should appear in the contract, and you should read that clause before signing.
Should I use a broker or go directly to a provider?
A broker can create competition among providers, but that service is paid for out of your proceeds. Going direct removes a layer of cost but also removes the shopping. Either way, the deciding number is what you net in dollars, so ask for that figure in writing from anyone you talk to.
What happens to my medical records?
They are used for life expectancy underwriting under the HIPAA authorization you sign. Ask in writing who receives them, how they are stored, and what happens if the transaction does not close. A licensed counterparty should answer that without hesitation.
How many companies should see my policy?
More than one. A competitive process is the only way to know whether an offer reflects the market, and you should be able to see the competing indications rather than take a summary on faith. Ask for the count and the documentation.
How do I get an honest read on my policy?
Send the policy cover page for a free review, or call (305) 209-7183. If the policy does not look marketable, you will be told that. There is no cost and no obligation, and this page is educational only, not legal, tax or investment advice.
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Related Reading
- How It Works Policy Options
- What Policies Qualify For Life Settlement
- Life Settlement Licensing New York
- Life Settlement Vs Surrender
- Education Center
Pine Lake Life Solutions does not purchase life insurance policies and does not provide legal, tax, or investment advice. Information provided is for educational purposes only. Eligibility for any option, including life settlements, is not guaranteed and depends on individual circumstances, policy terms, underwriting, and market conditions. Consult independent legal, tax, or financial professionals before making decisions regarding a life insurance policy.