Debunking the Myths of Life Settlement

A New-Jersey based multiple-business owner and insurance executive, Bill Schantz has served in the investment and insurance industry for over 40 years. A highly experienced professional, he owns and operates multiply firms under his umbrella company, Mid Atlantic Financial, LLC. Among the companies in his portfolio are Senior Settlements, LLC, Bedrock Capital Group, LLC, and Harper Financial, LLC. With Senior Settlements, Bill Schantz introduced life settlements as an asset class into the capital market.

Life settlement can be a fantastic option for seniors closing in on retirement. Yet, like so many things, many people avoid it because of the various myths they've heard. An example of such misconceptions is only people with terminal illnesses qualify for life expectancy. While there is a life settlement option for people with terminal diseases, anyone older than 65 can sell their insurance policy for life settlement.

This age restriction is because life expectancy plays a crucial role in how life settlement companies value insurance policies. Usually, anyone below 65 and without a terminal condition is considered too young to qualify for life settlement. Another popular myth is only insurance packages worth around $1 million qualify for life settlement. However, while most investors prefer policies with high value, the minimum worth of an insurance package that qualifies for life settlement is $50,000. Also, most people believe life settlements aren't legal or government-regulated. On the contrary, life settlement is licit according to state and federal laws. 

Basic Tools for Woodworking Projects

Longtime business owner and accomplished CEO Bill Schantz has worked with Mid Atlantic Financial, LLC since 1988. Outside of his professional pursuits, Bill Schantz makes time to stay active, working out regularly, playing golf, and engaging in woodworking.

Woodworkers generally use a mixture of hand tools and power tools in their work, depending on the project. For basic woodworking, there are a few tools that you should keep in your woodworking kit.

1. Cutting Tools - Woodworking requires a few different types of cutting tools, depending on your taste and the particular project. You will generally want to invest in a few saws, like a jigsaw, circular saw, or even a handsaw. Your specific project will help determine the type of saw you want to use, and you may need a few different types depending on the stage of your project.

2. Filing and finishing tools - No matter what type of saw you use to cut pieces for your woodworking project, you will need to clean up the edges at some point, using some type of file, sander, or planning tool. Common types include jack planes, joining planes, orbital sanders, and hand files. Remember that planers are not abrasive tools, like sanders and files. Rather, they are cutting tools that allow you to shave off small bits of wood, smoothing the shape.

3. Measuring tools - For any woodworking project to be successful, several measuring tools should be used to verify lengths, angles, and other important aspects essential to putting a project together. Old advice says to measure twice and cut once, and that’s important in woodworking. You will also want a good tape measure and an assortment of squares available to use. There are many different types of squares available, and they often come with measurements marked on them as well, allowing them to double as a measuring tool. Squares help you to verify and create many different types of angles for your woodworking projects.

How Much Exercise Is Enough?

Bill Schantz spends most of his work day as CEO and owner of Mid-Atlantic Financial, LLC-based in Maple Shade, New Jersey. As a member of his High School's athletic hall of fame and ex college player Schantz believes in staying physically active. Outside of managing Mid-Atlantic Financial, LLC, Bill Schantz stays physically fit by heading to the gym on a regular basis.

According to the Department of Health and Human Services, physical fitness needs change throughout life. Young children under five require at least three hours of Exercise, which can be received through play, and children between the ages of six and 17 require at least an hour of vigorous exercise.

However, the requirements for adults change and are dependent one factor. Typically, adults only need 150 minutes of moderate aerobic activity and only 75 minutes of vigorous activity a week.

Moreover, these amounts change depending on the purpose of the physical activity. For those who are using exercise to lose weight, they are going to want to engage in moderate exercise for anywhere between 150 and 250 minutes a week. For those training for a particular sport, these amounts will change significantly depending on the sport.

Finally, the intensity and type of workout will also affect how much time a person will need to spend toward achieving fitness goals. Swimming, briskly walking, and mowing the lawn are examples of moderate aerobic activity that might require more time. Alternatively, running and dancing qualify as vigorous activity that can be done in shorter intervals.

Experts also advise including strength training as a part of any fitness program. Exercises that isolate major muscle groups should be done at 12 to 15 repetitions a set.

Tips for Beginning Woodworkers

Bill Schantz has over three decades of insurance executive experience. In 1998, he founded Senior Settlements, LLC, where he brokered multiple deals worth over $100 million with major investment banks. Today Schantz consults a number of private offerings regarding structural issues as well as Origination and Servicing of individual and pools of policies.

Schantz has always believed that the most important aspect of a life settlement investment is the due diligence performed when acquiring the policy. Without 100% clean title to the policy everything can be lost. Similar to a title search when buying a home Senior Settlements conducts exhaustive due diligence including a UCC1 search, bankruptcy search and divorce filings. They require all beneficiaries to sign off relinquishing any claim they may have had and they also require a competency letter from the attending physician. Nothing is more important than making absolutely certain that there are no liens or encumbrances on the policy.

Schantz also believes that all medical reports must be viewed with a degree of skepticism. The closer a policy is to maturity, the more expensive the policy cost to buy today. Some insureds have overstated their health conditions and list multiple comorbidities with the hope of receiving more money for the sale of their policy. Senior Settlements always uses third party underwriters that review the medical reports for any discrepancies.

Senior Settlements will always review the provenance of a policy to determine valid insurable interest at inception of the policy. Did the original beneficiary have an insurable interest in the life of the insured?, was there any material misrepresentation on the insurance application?, what was the source of premium payments?. Carriers have contested payment of death benefits citing lack of insurable interest at policy inception rendering the policy void. Even if the courts don't agree with the carrier, it is time consuming and costly to defend.

Finally, Senior Settlements has established policies, procedures and best practices to assure clear title to all polices they originate and, in over two decades, they have never had a death benefit contested.