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The Buying Process
Step 1: Investor decides to use non-qualified funds (cash) or qualified funds (a retirement account) to buy into a pool of life settlements, and signs the appropriate documents.
Step 2: First Western Trust, an independent trust company, receives those funds.
Step 3: First Western Trust issues a certificate of ownership to the investor.
Step 4: A portion of the invested money is transferred into the 'premium reserve account'.
Step 5: When a policy matures, the insurance carrier pays the claim to First Western Trust.
Step 6: First Western Trust then pays the investor their share of the proceeds.
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