MINNEAPOLIS, Oct. 19, 2016 (GLOBE NEWSWIRE) -- As the secondary market for life insurance expands to reach more consumers directly, GWG Life, a wholly-owned subsidiary of GWG Holdings, Inc. (GWG) (Nasdaq:GWGH), continues to cement its standing as an industry leader by articulating best practices for financial professionals who participate in the market.
On October 18, GWG President Michael Freedman and Senior Counsel Maggie O’Gara participated in a panel on advertising and lead generation activities in the secondary market for life insurance at the Life Insurance Settlement Association (LISA) 22nd Annual Fall Life Settlement & Compliance Conference in Scottsdale, AZ. The conference draws secondary market participants including buyers, brokers, investors, actuaries and attorneys from across the country and Europe.
The life insurance secondary market provides senior life insurance policyholders with a market value for the sale of a policy they no longer want, need, or can afford.
Freedman moderated the panel while O’Gara guided attendees through a presentation that shared the “Rules of the Road” as they apply to disclosures, compliance and advertising in the life insurance secondary market. To operate within the highly regulated industry, financial professionals must adhere to a wide range of state and federal laws that touch on a number of market components, including sales strategy, licensures, procedures and client privacy.
“It is absolutely critical that secondary market participants continue to implement best practices when it comes to advertising and lead generation in the life insurance secondary market,” said O’Gara, who has long been instrumental in developing GWG’s best-in-class standards of compliance with state insurance and other laws governing advertising and policy sourcing. “These regulations are in place to protect seniors, and in turn, they assist the industry as it continues to grow in reputation and in resources.”
The life insurance secondary market benefits from well-informed professionals who adhere to the “Rules of the Road,” said Freedman, who noted that the National Association of Insurance Commissioners has received only one consumer complaint about the market in the last four years.
“This market provides win-win scenarios for seniors and investors,” Freedman said. “The regulations help that process, and everyone benefits from being forthright and transparent in marketing and in sales.”
About GWG Holdings, Inc.
GWG Holdings, Inc. (GWG) (Nasdaq:GWGH) is a specialty finance company and a leader in the life insurance secondary market. GWG is dedicated to creating a vibrant life insurance secondary market for the economic benefit of seniors seeking post-retirement financial solutions, investors seeking yield derived from non-correlated assets, financial advisors seeking value-added products and services for their clients, and shareholders seeking to benefit from the growth of this marketplace. GWG’s growing portfolio consists of over $1 billion in face value of benefits. Since 2006, GWG has purchased nearly $2 billion in life insurance policy benefits and paid seniors over $335 million for their policies.
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Source:GWG Holdings, Inc.