Any life settlement company serving Rochester should be able to tell you, in one sentence each, what it is licensed as in New York, whether it is buying your policy or brokering it, and what your net proceeds would be in dollars. A firm that struggles with those three questions has answered a fourth one you did not ask.
This page is a checklist, not a directory. It does not name or rank companies. It gives Monroe, Ontario, Wayne and Livingston county policy owners a way to evaluate whoever contacts them, using tools New York already provides.
Education only. Nothing here is legal, tax or investment advice, and nothing here is an offer to purchase a policy.
In This Article
- Step One: Establish the Firm’s Role
- Step Two: Verify the License With DFS
- Step Three: Get Gross and Net in Dollars
- Step Four: Confirm Escrow and the Rescission Window
- Step Five: Ask How Hard Your Policy Was Shopped
- Local Offices, Local Knowledge, and Which One Matters
- Signals to Walk Away From
- Free Policy Review
- Frequently Asked Questions
Step One: Establish the Firm’s Role
Two different businesses operate in this market. A provider is the licensed entity that actually buys the policy with its own capital and represents its own side of the deal. A broker works for you, the policy owner, takes your file to multiple providers, and earns a commission out of the proceeds that must be disclosed.
Neither role is a problem. Confusion about the role is. If you think you are speaking with a buyer and you are actually speaking with an intermediary whose compensation comes out of your check, you cannot properly evaluate the number you are quoted.
Say the words out loud: “Are you the provider purchasing this policy, or a broker representing me?” Then note the answer, along with who the ultimate purchaser will be. That name should appear in the paperwork later.
Step Two: Verify the License With DFS
New York governs life settlements under Insurance Law Article 78, one of the most prescriptive provider and broker licensing regimes in the country. Both sides of the transaction require licensure, and the New York State Department of Financial Services (DFS) administers it.
DFS maintains a public license lookup. Search the company name and the individual you are dealing with before you sign a HIPAA authorization, before you hand over a Social Security number, and before you send policy documents. It takes a few minutes and it is the single most protective step available to you.
Two answers should end the conversation: an inability to state the licensed entity name, and a claim that New York licensing does not apply because the buyer sits in another state. Verify independently with DFS either way.
Step Three: Get Gross and Net in Dollars
The most common complaint in this market is an offer that shrinks between the phone call and the closing statement. The fix is simple: request the gross offer and the net proceeds to you, both in dollars, on the same page, with a line-by-line breakdown of what comes out in between.
That breakdown should identify broker commission, any agent or advisor compensation and any referral fees. If a number cannot be explained in plain terms, treat it as a reason to keep asking rather than an accounting detail.
For calibration, market settlements commonly land between 10% and 35% of the death benefit, and the GAO’s 2010 study (GAO-10-775) found sellers received roughly four to eight times what surrendering would have paid. Those are published ranges, not promises about your policy.
Step Four: Confirm Escrow and the Rescission Window
Funds should move through an independent escrow agent. The buyer deposits the purchase price with escrow, the carrier processes the ownership and beneficiary change, and only then are funds released to you. Never accept a structure in which money is supposed to arrive directly from the buyer after the transfer is complete.
Then confirm your rescission right: the number of days after funding during which you can unwind the sale and return the money, and exactly what you must do to exercise it. Rescission windows commonly run about 15 days from funding, but the exact figure varies by state and New York’s 2026 number should be verified.
Both items belong in the written contract, not in an email or a verbal assurance.
| Checklist Item | Ask For | Green Light |
|---|---|---|
| Role in the transaction | Provider or broker, stated plainly | A direct answer plus the purchaser’s name |
| New York license | Licensed entity name; verify with DFS lookup | Company and individual both appear and are current |
| Offer transparency | Gross and net in dollars, itemized | Every deduction is named and explained |
| Escrow | Independent escrow agent named in the contract | Funds release only after carrier confirms transfer |
| Rescission | Days from funding and how to exercise | Written in the contract; verify NY’s 2026 figure |
| Market exposure | Count of providers who reviewed the file | A specific number, not a description |
| Life expectancy reports | How many, from whom, paid by whom | Two independent reports on a shopped case |
| Medical records | Written retention and access policy | Clear answer available before you sign |
Step Five: Ask How Hard Your Policy Was Shopped
Ask how many providers actually reviewed your file, and ask for a count rather than a description. A file shown to one buyer produces one price. A file circulated properly produces competition, and competition is what moves the number.
Ask whether two independent life expectancy reports were ordered, which is standard practice on a well-run case, and who paid for them. Life expectancy estimates drive valuation more than anything else in the file, and a single report from an unnamed source is thin support for a six-figure decision.
Finally, ask what happens to your medical records after closing: where they are stored, how long they are retained and who can access them. A firm with a clear written answer has thought about it. A firm without one has not.
Local Offices, Local Knowledge, and Which One Matters
Owners in Brighton, Pittsford, Greece and Webster often start by looking for a nearby office. It is understandable, and it is a weak filter. Nearly all buyers and brokers work remotely by mail, secure upload and phone. Carrier forms travel by mail and closings complete without anyone meeting in person.
Proximity is not protection. Licensure, escrow, written disclosure and your rescission right are. A licensed out-of-state provider operating properly under Article 78 is safer than an unlicensed firm with a rented office on Monroe Avenue.
Local knowledge does matter in one respect: the firm should know New York’s rules, since Article 78 requirements go beyond what a company accustomed to a lighter-touch state may expect.
Signals to Walk Away From
An upfront fee to review a policy. A request for a full medical authorization and Social Security number before anyone has said whether the policy is likely to qualify. An offer expressed only as a percentage with no dollar figure. A request to sign blank or partially completed carrier forms.
Also: any discouragement of attorney or family review, any guarantee of a specific amount before underwriting has happened, and any pressure to decide today. Value depends on life expectancy and the cost of keeping the policy in force, so a firm promising an outcome before reviewing the file is selling, not underwriting.
If a policy is collateral for a loan, or owned by a trust or business, or being handled by an adult child under a power of attorney, raise those facts early. Confirm that the power of attorney actually grants authority over insurance contracts, because many do not.
Free Policy Review
Pine Lake Life Solutions provides a free, no-obligation policy review. Send the policy cover page, the page listing the insured, the policy type, the face amount and the issue date, and we will tell you in plain language whether the policy is the kind that typically has market value.
We work with policies of $100,000 or more in death benefit and typically pay more than cash surrender value. Call (305) 209-7183. A clear no is also a useful answer, and you will get one if that is the case.
This page is educational and is not legal, tax or investment advice. Consult a licensed New York elder law attorney and your own tax advisor before acting.
Frequently Asked Questions
How do I check a life settlement company’s New York license?
Use the New York State Department of Financial Services license lookup and search both the company and the individual you are speaking with. New York licenses providers and brokers under Insurance Law Article 78. Do this before sending medical authorizations or personal identifiers.
Is a broker better than a provider?
Neither is automatically better; they are different roles. A provider buys the policy with its own capital, while a broker represents you and shops the file to multiple providers for a disclosed commission. What matters is knowing which one you are dealing with before you evaluate an offer.
Do I need a company located in Rochester?
No. Nearly all buyers and brokers work remotely by mail and secure upload, so a local office is not a meaningful screen. Licensure with DFS, independent escrow, written disclosure and your rescission right are the real protections.
What should the offer paperwork show?
The gross offer and the net proceeds to you, both in dollars, on the same page, with each deduction itemized. That includes broker commission and any agent or referral compensation. Percentages without dollar figures are not enough to evaluate a deal.
How long do I have to change my mind?
There is a rescission window after funding during which you can unwind the sale and return the proceeds. It commonly runs about 15 days from funding, but the exact figure varies by state and New York’s 2026 number should be verified. It should appear in your contract.
Why do life expectancy reports matter?
Life expectancy estimates drive valuation more than any other factor, since the buyer pays premiums until the policy pays out. A properly shopped case usually involves two independent reports. Ask how many were ordered, by whom and who paid for them.
Should I pay anything upfront?
No. Legitimate policy reviews and offers are free, and compensation comes out of a completed transaction. An upfront evaluation fee is a reason to end the conversation.
What if my policy is owned by a trust or I hold power of attorney?
Raise it at the very start. Trust and business ownership require the governing documents, and a power of attorney must actually grant authority over insurance contracts, which not all of them do. Discovering an authority gap late is the most common reason a closing falls apart.
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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.