White Paper

25 Pages
  • 25 Pages

Estate Planning Insurance Strategy for Life Insurance Settlements


Gain an understanding of life settlement transactions.

A life settlement transaction is defined as the sale of a life insurance policy to a third party for more than its cash surrender value but less than the death benefit. Up until the advent of life settlements in the financial market, the policyholder only had two benefits from a life insurance policy. The first was the death benefit paid at the insured’s passing. The second (with permanent life insurance) was cash value accessed, either by a policy withdrawal or loan, or a policy surrender. Life settlements provided the policyholder with the third benefit for those policyholders who had a policy they no longer wanted or needed: the option to sell the policy to the highest bidder. This white paper reviews life settlements and the use of life insurance in estate planning.



Michael Brohawn, CFP®, CLU®, CAP®

Michael Brohawn, CFP®, CLU®, CAP®


  • A resource for trustees and wealth advisors looking to buy and sell life insurance at www.YourLifeInsuranceSolution.com
  • One of the founders of Insurance Trust Monitor, Inc. (ITM), a firm that pioneered the outsourcing of trust-owned life insurance (TOLI) trust and policy management; the firm evolved into ITM TwentyFirst, the largest life insurance policy management firm in the country with more than two hundred clients, including some of the country's leading trust, banking, and financial firms
  • Developed the remediation services that set ITM TwentyFirst apart by providing a prudent process for trustees managing and maximizing life insurance for beneficiaries; while there, created ITM TwentyFirst University, and wrote the TOLI Handbook (www.TOLIHandbook.com)
  • A leading educator to peers in the life insurance field, especially trust-owned life insurance (TOLI); he has been an instructor at the annual Cannon Financial Institute's Unique and Hard to Value Assets Program held on the University of Notre Dame Campus in South Bend, Indiana, and has spoken to industry associations as diverse as Top of The Table, Texas Bankers Association, Fiduciary and Risk Management Association (FIRMA), and American Bankers Association (ABA)
  • Quoted in the Wall Street Journal and Financial Times publications, as well as other industry publications; he has published numerous articles, including three published in the last year in Estate Planning Magazine
  • Received the Certified Financial Planner (CFP®), Chartered Life Underwriter (CLU®), and Chartered Advisor in Philanthropy (CAP®) designations
  • In 2019 he published his first book, The Wealth Advisors Guide to Life Insurance (www.UnderstandLifeInsurance.org)
  • Can be contacted at [email protected]

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