Illinois Life Settlements
Illinois has one of the most established life settlement regulatory frameworks in the Midwest. Illinois policyowners and their advisors can explore life settlements with a confidential evaluation from Accelerated Life Solutions.
Life Settlement Laws in Illinois
Illinois life settlements are overseen by the Illinois Department of Insurance.
Regulator: Illinois Department of Insurance. Illinois law may include rescission rights and waiting periods; confirm the current rules with the Illinois insurance regulator.
- Requirements may include disclosures and consumer protections for policyowners.
- Confirm current transaction and eligibility requirements with the Illinois Department of Insurance.
Licensing in Illinois
Illinois regulates life settlements and requires brokers to be licensed. Accelerated Life Solutions obtains state licensing upon request, subject to Illinois's requirements. Contact us to discuss a Illinois case before you proceed. See our licensing & disclosures page.
Consumer Protections
Illinois law may include rescission rights and waiting periods; confirm the current rules with the Illinois insurance regulator. Required disclosures, including broker compensation, are provided before a transaction is finalized.
Commonly Accepted in Illinois?
These are commonly accepted market criteria, not state requirements. Not every policy qualifies for a life settlement. Eligibility and outcomes depend on policy characteristics, insured health, premiums, underwriting, and market conditions.
How Accelerated Life Solutions Serves Illinois Advisors and Policyowners
We work with financial advisors, CPAs, estate planning attorneys, insurance agents, trustees, and individual policyowners in Illinois. Policyowners may contact us directly for a confidential evaluation, and we coordinate with their advisor when they have one.
Our Illinois Process
- 1Initial policy review and eligibility assessment
- 2Collection of policy and medical documentation
- 3Medical and financial underwriting
- 4Presentation to qualified institutional buyers
- 5Evaluation and negotiation of offers
- 6Completion of transaction documentation
- 7Insurance carrier ownership and beneficiary transfer processing
- 8Closing and distribution of proceeds
Frequently Asked Questions
Is Accelerated Life Solutions licensed in Illinois?
Illinois regulates life settlements and requires brokers to be licensed. Accelerated Life Solutions obtains state licensing upon request, subject to Illinois's requirements. Contact us to discuss a Illinois case before you proceed.
What are the rescission and waiting period rules in Illinois?
Illinois law may include rescission rights and waiting periods; confirm the current rules with the Illinois insurance regulator. The Illinois Department of Insurance is the state insurance regulator.
How long does a life settlement take in Illinois?
Qualified submissions may receive a preliminary valuation within approximately 24 hours after sufficient initial information has been received. Overall timeline varies with underwriting complexity, documentation availability, buyer requirements, and carrier processing. Estimated closing and funding timelines are communicated as the transaction progresses. No fixed completion date is guaranteed.
How much is a life insurance policy worth in a Illinois life settlement?
A life settlement may produce more than the policy's cash surrender value, but results vary by case. A free evaluation shows whether a policy may have secondary-market value. Not every policy qualifies for a life settlement. Eligibility and outcomes depend on policy characteristics, insured health, premiums, underwriting, and market conditions.
How is a life settlement broker paid in Illinois?
Broker compensation is determined case by case, considering the circumstances and economics of each transaction, and is always disclosed before the transaction is finalized. Compensation is structured to support successful transactions while staying transparent with the appropriate parties. Applicable compensation and transaction costs are disclosed in accordance with governing state laws and transaction documentation.
Are life settlements regulated in Illinois?
Yes. Illinois has comprehensive legislation under the Illinois Life Settlement Act (215 ILCS 158). All brokers and providers must be licensed by the Illinois Department of Insurance.
How does Illinois compare to other Midwest states for settlements?
Illinois is the most active life settlement market in the Midwest due to its large senior population, strong regulatory framework, and the concentration of wealth in the Chicago area.
Are proceeds from an Illinois life settlement taxable?
Yes. Both federal and Illinois state income tax may apply to life settlement proceeds. The taxable gain is calculated as proceeds minus cost basis. Consult your tax advisor for specifics.
Nearby states
Ready to Explore Life Settlements in Illinois?
Request a complimentary, no-obligation evaluation for a Illinois policy. Qualified submissions may receive a preliminary valuation within approximately 24 hours after sufficient initial information has been received.