GWG Life Granted Provider Licenses in Montana and New Hampshire

GWG Holdings, Inc. (Nasdaq: GWGH), a specialty finance company and purchaser in the life insurance secondary market, announced that GWG Life LLC, the subsidiary company that purchases life insurance policies, has been granted licenses in Montana and New Hampshire.

The licenses enable GWG Life to purchase life insurance from seniors in Montana and New Hampshire who no longer need, want, or can afford their policies. The company holds similar licenses in 36 of the 42 states that require them. Including states that do not require licensure, GWG Life’s reach now covers more than 98 percent of the U.S. population, according to the company.

“GWG is committed to providing seniors with a fair market value for life insurance policies they aren’t going to keep,” said GWG president Michael Freedman. “Seniors can convert that market value into a cash sale or, often times, they can keep a portion of their policy for loved ones and eliminate future premiums.”

In addition to a cash settlement, GWG Life offers seniors the option to retain a portion of the face value benefit for their beneficiaries, without having to make any additional premium payments. This can be a valuable solution for those seniors who want to maintain some death benefit protection for their spouse, children, or others.

From January 1, 2015 to March 31, 2016, GWG purchased nearly 200 life insurance policies with $300 million in total face amount of policy benefits. A substantial part of this growth is due to the partnerships GWG has with insurance and financial advisors, the company said.

As of March 31, 2016, GWG’s portfolio consisted of more than $1 billion in face value of benefits. Since 2006, GWG has purchased nearly $2 billion in life insurance policy benefits and paid seniors more than $335 million for their policies.

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