December 15, 2008
Volume I, Issue 1
Inside this issue:
Longevity Markets 2
Yields to Life 3
Expectancy
Capital Markets 4
Commentary
Longevity Market 5
Special Reports 6
Credit Watch 7 Trade Report
State Guaranty 8 Week In Review
Funds
Trade Data 10
Editor & Publisher
Brian C. Dorr
Contributing Editors
Anne K. Zand
Keith M. Feldman
Carline B. Gele
Managing Editor and
Writer
David C. Dorr
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Copyright @2008 Life-Exchange, Inc. All rights reserved.
The Week in Review section of our
publication covers basic market data such as
volume of life settlements and amount of
face value sold in the last two weeks. This
provides readers with a quick snapshot of
what is currently happening in our markets.
For a more in depth analysis of market con-
ditions please refer to our Longevity Markets
Commentary Section on pg. 2 or for basic
transaction data our Trade Data section on
pg. 10.
The last two weeks in the life set-
tlement markets have seen the repercussions
from the changes in underwriting tables by
both 21st Services and AVS. The impact of
these revisions is likely to be felt well into
2009. Based on data collected for the period
11-17-08 thru 11-28-08 there was approxi-
mately $297 million in face value transacted
at an average of 19.02% of face value. This
is a 8% decrease in volume from the prior
period where approximately $326 million
was transacted at an average of 21.16% of
face value.
The average policy face value was
$2,041,751 and the 5 states with the most
volume were Florida, California, New York,
Texas and Delaware. Because of the
changes in underwriting tables, the average
age of male insured’s has risen to 74.3 from
72.1 a 3.1% increase and the average age of
female insured’s has risen to 75.7 from 74.1
a 2.2 % increase. The ratio of males to fe-
males remained constant at 1.8:1.
Although there has been an in-
crease in the average ages for insured it does
not yet appear to be enough to compensate
for the average life expectancies now issued
from 21st and AVS. The average LE from
120
97 93
100
80
61
60
39
40
20
0
Nov. 3‐ Nov.  Nov.  Nov. 
7 10‐14 17‐21 24‐28
Total Policies Closed and  Funded
21st for males is 158 up from 146 and for
females 163 up from 152. Data is still being
compiled for AVS LE’s.
Funders will likely adjust for these
changes in 2009 either with longer target ma-
turity dates or increased demand for mortality
impairments. In our Yields-to-Life-
Expectancy section on pg. 3 you will be able
to watch for this increase over the coming
weeks by looking for a drop in IRR’s in LE’s
under 10 years.
Even though the holidays are rapidly
approaching and December can often be
viewed as a half month for transactional pur-
poses, it appears on track to exceed the vol-
ume of November which was significantly
reduced due to the recalculation of bids based
on new underwriting information. Year over
year November 2008 volume is significantly
less than it was in 2007 where we estimate
that approximately $1.3 billion was closed and
funded. We believe 2009 will bring an oppor-
tunity for the life settlement market to reas-
sert itself as a valuable tool for consumers
and investors alike.

Longevity Markets Commentary
The last 90 days has seen
one of the most disruptive times
ever experienced for the life settle-
ment industry. On September 16th,
2008 21st Services made an adjust-
ment to their mortality tables that
caused many life settlement transac-
tions to fall apart or move dramati-
cally lower in price. The change in
tables resulted in life expectancies
coming back 25% + longer than
previous tables would have esti-
mated. It was also the exact same
day that the U.S. Government seized
control of AIG. Then on Novem-
ber 17th, 2008 AVS released the
changes to their tables. Originally
thought to be a few minor adjust-
ments the results shocked market
participants as average life expectan-
cies increased by 14-20%. Certainly
no one could have forecasted this
combination of events. The result-
ing effect has been a decrease in life
settlement closings by as much as
75% for the last 70 days.
With all that said the life
settlement market continues to dem-
onstrate that it is a market that is
here to stay. The major institutions
that are in our space show no signs
of retreating and in fact many of
them have allocated ample funds for
purchases throughout 2009.
A challenge that we see for
our industry is the large number of
carriers that are getting dragged
down in the broader economic cri-
sis. Although many have strong
balance sheets, the fear in the mar-
kets has sent share prices of many
large carriers into the floor. Gen-
worth Financial was actually trading
under a $1 two weeks back. To help
investors make key decisions during
these times we are tracking the
downgrades of major insurers as
well as any that may be under review
Copyright @2008 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766
for potential downgrades. You may
turn to our Credit Watch section to see
more of this information. We’ve also
provided for readers a list on a state by
state basis of the guaranty funds that
states require be used for protecting
policy owners in the event of a carrier
becoming insolvent. Because most
states cap death benefit payouts at
$300,000 we expect to see policies of
smaller face value start to trade at a
premium vs. the larger face policies
that attract the most bids. In fact our
data shows that besides other key fac-
tors like life expectancy and age, the
face value size plays a large determi-
nant in how aggressive bidders are in
auctions for policies. Our data sug-
gests that policies with a face value of
$3 million to $5 million command a
premium in bidding by as much as 14-
17% over larger or smaller face value
policies. It should be noted that part
of this relates to the oversupply of
large policies on the market from pre-
mium finance. In future issues we will
cover specific data related to the im-
pact on the overall market of premium
financed policies and policies where
the beneficial interest was acquired in
ILIT’s during the contestability period.
In our recent survey of buy-
ers and sellers the sentiment is that the
life settlement markets should begin to
improve rapidly going into Q1 2009.
Historically almost 75% of new life
insurance is written in the last quarter
of the year, however, with the chaos
that we’ve seen in all markets for Q4
2008 it is likely that much of this busi-
ness will be pushed into 2009. Al-
though new life insurance business is
not directly related to the life settle-
ment markets there are certainly some
seasonal influences since this is the
time of year when life insurance agents
are the busiest. Now that there are no
further changes in underwriting tables
Page 2
expected on the near horizon market
volume should pick back up to nor-
mal paces.
We believe that 2008 will
mark the first year where volume for
closed and funded life settlement
transactions was flat vs. 2007. We
also note that there has been a pre-
cipitous drop in premium financed
transactions. A key factor in the drop
in the premium finance markets has
been the difficulty in exiting out of
policies after the 2 year period. The
liquidity for many premium finance
programs is simply non-existent.
This is unfortunate as there are many
premium finance programs that were
structured properly but get lumped in
with the ones that were not so well
assembled and they get passed over
for bids. In 2008 the premium fi-
nance transactions that were con-
cluded required on average a 116-
238bps additional IRR for buyers to
consider purchasing them. We ex-
pect that range to hold steady or in-
crease slightly in 2009.
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 Page 3

Yield to Life Expectancy

When we see policies traded in the secondary market we often see new buyers forget to take into account the
premium (in yield not payments to keep policies in force) that should be received for longer investment horizons i.e.
longer life expectancies. There are 4 reasons we think this should be taken into consideration. 1. The most obvious is
naturally the time value of money. 2. The historical trend of mortality improvements as evidenced by recent revisions
to the industry’s most widely used underwriting tables. 3. The credit risk that exists over longer periods vs. shorter
periods. 4. The currency risk associated with the long term potential decline of US dollar denominated contracts/
assets.
You can see by looking at the chart below that the yield curve flattens out in the longer life expectancy ranges.
Buyers active in the life settlement space also know that competition is limited in policies where insured’s have LE’s
beyond 14yrs so this would be an additional factor suggesting that the yield curve should steepen significantly from
where it currently is today.

Comparative Yields to Life-Expectancy Chart

11/17/08 ‐ 11/28/08 Comparitive Yields‐to‐life‐expectancy
17

16

15

14
AVS
Yield/IRR

13
Fasano
12 21st Services
ISC
11
EMSI
10

8
24
36
48
60
72
84
96
108
120
132
144
156
168
180
192
204
216
228
240

We also want to point out in this issue’s chart 21st is for the first time showing IRR’s lower than AVS. The
reason for this is that this data incorporates the changes in underwriting tables from 21st but is prior to AVS’s adjust-
ments being reflected. Early data for the next issue already suggests that this will go back to normal with AVS showing
lower IRR’s than 21st.

Copyright @2008 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766

Capital Markets Commentary
Although life settlements
are highly touted as a non-corollary
asset class we are learning that when
markets crash everything can have a
strange way of moving in tandem.
In the last couple of
months there has been significant
deleveraging in the global equity and
credit markets as hedge funds and
investment banks have been closing
out positions and shoring up bal-
ance sheets. The effect that this has
had on the markets is as would be
expected – a major decline. Several
assets despite likely having real value
have declined in nominal terms.
It was reported by one
investment bank in our space that
they were able to acquire a $250
million life settlement portfolio at
fire sale prices (IRR’s of 20%+)
because of a hedge fund desperately
needing to meet margin calls. As
more and more hedge funds prepare
for end of the year redemptions this
could prove a great time for oppor-
tunistic and well funded life settle-
ment buyers.
On Tuesday December 9,
2008 the US Treasury effectively
sold $32 billion in 4 week bills at a
yield of zero. This is evidence of the
abnormal market conditions that we
are all experiencing. Investors are
more concerned with the preserva-
tion of capital right now rather than
their return on investment. It is still
bizarre that investors are accepting
effective negative yields in their
money market accounts. You get to
lend the US Government your
money and pay them for the privi-
lege.
Another example of mar-
ket distortions is in the leveraged
loan markets. Senior secured loans
are trading at prices as low as 60-
80% of the original issue price. This
Copyright @2008 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766
is either an unbelievable opportunity
since historically there has never
been greater than an 8% default on
senior secured loans or it foretells of
significant troubles ahead. The truth
is probably somewhere in between.
It was reported on
Wednesday December 10, 2008 that
AIG would not be receiving Federal
assistance for the $10 billion worth
of losses that their financial product
unit incurred for speculative bets
that moved against them. AIG
made bets on mortgage backed se-
curities, CDO’s, and other corporate
debt that has all moved against them
in recent weeks requiring them to
post collateral worth $10 billion.
This will be another inter-
esting week in the markets as almost
everyone expects the FOMC to cut
its target for overnight interest rates
from 1% to 0.50%. The problem is
that most believe the rate cut will do
little in the current environment of
fear and risk aversion. Even though
rates have continued to come down
that has not translated into more
borrowers accessing these dis-
counted funds. Borrowers and lend-
ers alike are worried that the reces-
sion may deepen and the few that
are willing to borrow are having
difficulty finding the few willing to
lend. This week’s FOMC meeting
will last 2 full days as Bernake and
the other Federal Reserve members
explore unconventional methods to
restart the economy.
Of interesting note is that
while most markets are down for the
year, one of the few asset classes to
perform well was the ILS or insur-
ance linked securities market. Inves-
tors in cat bonds saw returns as
much as 13% this year. In a cat
bond transaction a large catastrophe
risk reinsurer like SwissRe will trans-
Page 4
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Upcoming Events
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fer a portion of their risk of a natural
catastrophe occurring to investors in
exchange for a coupon. Investors stand
to lose the coupon and potentially the
principal in the event a specific catastro-
phe risk such as a hurricane striking
Florida occurs. Since catastrophe risk is
unrelated to other asset classes it serves
as a great tool for portfolio diversifica-
tion. As the life settlement market con-
tinues to evolve it is certain that a trad-
able market in longevity risk will evolve
that will mirror some of the benefits of
cat bonds. Insurance linked securities
are still in their infancy but the bridge
between insurance markets and capital
markets is well under construction.
 Page 5

Longevity Market Spreads

This section shows a comparison of 10yr (LE) life settlement IRR’s vs. different bench marks such as 12 month LI-
BOR, 10yr treasuries, and an index of 10yr investment grade corporate bonds.

20 10yr US Treasuries
18
16 Spreads in longevity markets are finally leveling off
14 after several months near highs of 1400+bps. The
12
10 main cause for this spike has been the rapid dete-
8 rioration in credit quality experienced by large
6 financial institutions like Lehman’s Brothers, Wa-
4
2 chovia, AIG, and Citi. In our recent survey of life
0 settlement buyers and sellers the expectation is
that IRR’s will continue to come down going into
2009 barring that there are no more bailouts of
insurance carriers.
10yr LS 10yr Treas 10yr Tre/10yr LS

20 12mo LIBOR
18
16
14 Since LIBOR is used as a benchmark to track the
12 cost of borrowing and lending we have included in
10 this chart to track correlations between lower LI-
8
6
BOR rates and life settlement IRR’s. It is clear
4 that although rates have been coming down this
2 has not translated into lower IRR’s in life settle-
0
ments. This is not unique to our asset class as
many borrowers have found it difficult to obtain
financing despite lower rates.

10yr LS 12mo LIBOR 12mo LIBOR/10yr LS

20 10yr IG Corporate Bonds

15
This chart shows the relationship between 10yr
life settlements and a comparative index of 10yr
10 investment grade corporate bonds. You will notice
that spreads diverge the least in this chart. The
5 reason is that all life insurance contracts have an
inherent credit risk in them similar to corporate
0 bonds. A life insurance contract is an obligation
for a company to pay a claim in the event of a
death and should that carrier become insolvent
then there is a risk that they may not be able to
meet that claim. See our Credit Watch section for
10yr LS 10yr IG Corp 10yr IG Corp/10yr LS
more on this.

Copyright @2008 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766

In this week’s issue of our
Special Reports section we cover the
risks associated with using leverage in
life settlement investment funds.
We’ve heard it said many times within
the life settlement space, particularly
amongst new funds trying to raise
capital, that life insurance portfolios
are perfect for applying leverage be-
cause of their “low” volatility. After
reading through more than a dozen
offering memorandums it is clear that
a large percentage of those seeking
funds do not understand just how
volatile investing in life settlements
can be.
First of all if a fund is ac-
quiring anything less than several
hundred policies they may want to
consider going to Las Vegas and play-
ing black jack instead with their in-
vestor’s money. The standard devia-
tion on small pool sizes is enormous
and can either turn into a windfall for
investors or a wipeout. This scenario
is only compounded through the use
of leverage. Leverage is and always
will be a two-edged sword. If things
go in your direction the results can
look amazing, however, if they do not
SCENARIO A
Investor Equity $ 25,000,000
Debt @ 8% $ 75,000,000
Total $ 100,000,000
1yr performance of fund 13.00%
Total yr end $ 113,000,000
Mgt Fee 2% $ 500,000
Perfomance Fee 20% $ 2,600,000
Interest on Debt $ 6,000,000
Investor Equity $ 28,900,000
ROE 16% ROE
Copyright @2008 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766
Page 6
Special Reports
then it can quickly end up as com- Scenario B: The Fund pur-
plete annihilation of investor equity.chases $100million worth of policies
Here’s an example. Let’s – not face value but actual secondary
say that Life Settlement Fund XYZ is market value. Again the $25 million
set up in typical hedge fund fashion represents investor equity and the $75
with a 2/20 fee structure. Let’s also million is debt. This time because of
suppose that they can obtain bank let’s say a change in underwriting
lending at LIBOR + 350bps. The tables, the fund’s year end perform-
bank will provide 3:1 leverage for theance looks more like 8% instead of
fund meaning that for every $1 of 13% as originally forecasted. This
equity the fund puts up the bank will has a dramatic effect on the investor’s
match them with $3 more. The bank equity after fees. As you can see in
is now financing 75% of the policies the chart below it drops the ROE to
purchased by the fund. zero.
Scenario A: The Fund pur- It should be noted that nei-
chases $100million worth of policies ther one of these examples adds the
– not face value but actual secondary significant issue that standard devia-
market value. The $25 million repre- tion plays in performance based on
sents investor equity and the $75 the number of policies held. This
million is debt. Assuming the fund’s factor coupled with leverage could
performance is 13% the return on quickly cause a disaster if it lands on
equity (ROE) for investors after all the wrong side.
fees will be 16% (see chart below). So here is some advice to
This leverage equates to about a 21% new funds seeking to attract capital
increase in investment performance, out there. First and foremost, you
however, it comes at the expense of a should avoid leverage until you have
300% increase in risk. This is hardly a 3 year track record of returns. Sec-
a safe investment. ond, besides having a high water
mark for your fund, you should have
Now let’s talk a look at Sce-
nario B a hurdle rate of 8-9% otherwise you
could risk having a conflict of interest
SCENARIO B with your investors as you potentially
Investor Equity $ 25,000,000 could make money while they lose
money. Third, make sure that you
Debt @ 8% $ 75,000,000
have a lockup period of at least 3-
Total $ 100,000,000 5yrs. Anything shorter will be asking
1yr performance of fund 8.00% for problems since liquidity in this
Total yr end $ 108,000,000
asset class is still in its infancy and
even on large diversified pools it will
take a couple of years before maturi-
Mgt Fee 2% $ 500,000 ties occur and can be accurately used
Perfomance Fee 20% $ 1,600,000
to forecast future returns. Last but
not least, focus on building an ample
Interest on Debt $ 6,000,000 pool size and be realistic about the
time required to acquire a large
Investor Equity $ 24,900,000 enough pool to reach fund’s invest-
ment goals.
0%
 Page 7

Credit Watch
Credit Watch is a list of Life Insurance Carrier’s that have been placed on “Credit Watch” by the underlining
Rating Agencies. Credit Watch is when an Insurance Carrier has been downgraded or is being watched for possible
downgrade. The Ratings listed below are the latest data from the two rating agencies. All ratings listed can found on the
public Web site of the underlining rating agencies. This information is the most accurate at the time of publication.

ICR - BEST ICR - S&P State of

Insurance Carrie r Long Te rm Long Te rm FSR - BEST FSR - S&P Domicile
AIG Life Insurance Co a*/Negative A+*/Negative A/Negative A+*/Negative DE
Beneficial Life Insurance Co a/Negative A/A-1 Negative A/Negative A/A-1/Negative UT
CIGNA Life Insurance Co of NY a/Negative A/Negative NY
Cincinnati Life Insurance Co aa-*/Negative A+/Negative/-- A+*/Negative A+/Negative/-- OH
Connecticut General Life Ins Co a/Negative A/Negative/-- A/Negative A/Negative/-- CT
Constitution Life Insurance Co bbb/Negative B/Negative TX
Farm Bureau Life Insurance Co a-/Negative A/Negative/-- A-/Negative A/Negative/-- IA
FBL Financial Group Inc bbb-/Negative BBB/Negative NR/--/-- IA
First Central Nat Life Ins Co of NY aa-/Negative A+/Negative NY
First SunAmerica Life Insurance Co a/Negative A+/Watch Dev/-- A/Negative A+/Watch Dev/-- NY
General Fidelity Life Insurance Co a-/Negative A-/Negative SC
Genworth Life and Annuity Ins Co aa-*/Negative AA-/Negative/A-1+ A+*/Negative AA-/Negative/-- VA
Genworth Life Insurance Co aa-*/Negative AA-/Negative/A-1+ A+*/Negative AA-/Negative/A-+1 DE
Genworth Life Insurance Co of NY aa-*/Negative AA-/Negative/-- A+*/Negative AA-/Negative/-- NY
Hartford Life and Accident Ins Co aa-*/Negative AA-/Stable/-- A+*/Negative AA-/Stable/-- CT
Hartford Life and Annuity Ins Co aa-*/Negative AA-/Stable/-- A+*/Negative AA/Stable/-- CT
Hartford Life Inc a*/Negative A/Negative/A-1 CT
Hartford Life Insurance Company aa-*/Negative AA-/Stable/A-1+ A+*/Negative AA-/Stable/A-1+ CT
Humana Ins of Puerto Rico Inc bbb-/Negative B+/Negative PR
Liberty Union Life Assurance Co bb/Negative B/Negative MI
Reassure America Life Insurance Co aa/Negative A+/Stable IN
Securities Benefit Life Insurance Co bbb+*/Negative BBB+/Negative/A-2 B++*/Negative BBB+/Negative/A-2 KS
SunAmerica Life Insurance Co a/Negative A+/Watch Dev/A-1 A/Stable A+/Watch Dev/A-1 AZ
Swiss Re Life & Health America Inc aa/Negative AA-/Stable/-- A+/Stable AA-/Stable/-- CT
T ransamerica Financial Life Ins Co aa/Negative AA/Negative/A-1+ A+/Stable AA/Negative/A-1+ NY
T ransamerica Life Insurance Co aa/Negative AA/Negative/A-1+ A+/Stable AA/Negative/A-1+ IA
Western Reserve Life Assurance Co of OH aa/Negative AA/Negative/-- A+/Stable AA/Negative/-- OH
* Denotes Ratings Under Review FSR = Financial Strength Rating ICR = Issuer Credit Ratings
BEST = AM BEST S&P = Standard and Poors
The Rating’s listed above are the latest data from the two rating agencies. All ratings listed can found on public Web site of the underlining rating agencies.
This information is the most accurate at the time of publication.

Copyright @2008 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766
 Page 8

State Guaranty Funds

Most states have guaranty funds to help pay the claims of financially impaired insurance companies. State laws
specify the lines of insurance covered by these funds and the dollar limits payable. Coverage is usually for individual
policyholders and their beneficiaries and not for values held in unallocated group contracts. Most states also restrict
insurance agents and companies from advertising the funds’ availability.
There are many issues, too numerous to describe here, which determine the type and extent of coverage avail-
able. You are advised to consult your state insurance department for details about any policy you consider purchasing.
Another source of information is the National Organization of Life and Health Insurance Guaranty Associations
(NOLHGA) http://www.nolhga.com/factsandfigures/main.cfm/location/stateinfo
Max. liability for cash or Max. liability for State Guaranty
Max. aggregate benefits for Max. death benefit with withdrawal value of life present value of an Association Phone
State all lines of insurance respect to any one life insurance policy annuity contract Numbers
AL $300,000 $300,000 $100,000 $100,000 (205) 879-2202
AK $300,000 $300,000 $100,000 $100,000 (907) 243-2311
AZ $300,000 $300,000 $100,000 $100,000 (602) 364-3863
AR $300,000 $300,000 $300,000 $300,000 (501) 371-2776
80% not to exceed 80% not to exceed
CA 80% not to exceed $250,000 80% not to exceed $250,000 (323) 782-0182
$100,000 $100,000
CO $300,000 $300,000 $100,000 $100,000 (303) 292-5022
CT $300,000 $300,000 $100,000 $100,000 (860) 647-1054

DE $300,000 $300,000 $100,000 $100,000 (302) 456-3656

DC $300,000 $300,000 $100,000 $300,000 (202) 434-8771
FL $300,000 $300,000 $100,000 $100,000 (904) 398-3644
GA $300,000 $300,000 $100,000 $100,000 (770) 621-9835
HI $300,000 $300,000 $100,000 $100,000 (808) 528-5400
ID $300,000 $300,000 $100,000 $100,000 (208) 378-9510
IL $300,000 $300,000 $100,000 $100,000 (773) 714-8050
IN $300,000 $300,000 $100,000 $100,000 (317) 636-8204
IA $300,000 $300,000 $100,000 $100,000 (515) 283-3163
KS $300,000 $300,000 $100,000 $100,000 (785) 271-1199
KY $300,000 $300,000 $100,000 $100,000 (502) 895-5915
LA $300,000 $300,000 $100,000 $100,000 (225) 381-0656
ME $300,000 $300,000 $100,000 $100,000 (207) 633-1090
MD $300,000 $300,000 $100,000 $100,000 (410) 998-3907
MA $300,000 $300,000 $100,000 $100,000 (413) 744-8483
MI $300,000 $300,000 $100,000 $100,000 (517) 372-3863
MN $300,000 $300,000 $100,000 $100,000 (651) 407-3149
MS $300,000 $300,000 $100,000 $100,000 (601) 981-0755

For more information contact the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA, 13873 Park Center Road, 
Suite 329, Herndon, VA 22071)  

Copyright @2008 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766
 Page 9

State Guaranty Funds Continued

Max. liability for cash or Max. liability for State Guaranty
Max. aggregate benefits for Max. death benefit with withdrawal value of life present value of an Association Phone
State all lines of insurance respect to any one life insurance policy annuity contract Numbers
MO $300,000 $300,000 $100,000 $100,000 (573) 634-8455
MT $300,000 $300,000 $100,000 $100,000 (262) 965-5761
NE $300,000 $300,000 $100,000 $100,000 (402) 474-6900
NV $300,000 $300,000 $100,000 $100,000 (775) 329-8387
NH $300,000 $300,000 $100,000 $100,000 (603) 226-9114
NJ $500,000 $500,000 $100,000 $100,000 (973) 623-3989
NM $300,000 $300,000 $100,000 $100,000 (505) 237-9397
NY $500,000 $500,000 $500,000 $500,000 (212) 909-6813
NC $300,000 $300,000 $300,000 $300,000 (919) 833-6838
ND $300,000 $300,000 $100,000 $100,000 (701) 235-4108
OH $300,000 $300,000 $100,000 $100,000 (614) 442-6601
OK $300,000 $300,000 $100,000 $300,000 (405) 272-9221
OR $300,000 $300,000 $100,000 $100,000 (503) 588-1974
PA $300,000 $300,000 $100,000 $100,000 (610) 975-0572
PR $300,000 $300,000 $100,000 $100,000 (787) 765-2095
RI $300,000 $300,000 $100,000 $100,000 (401) 273-2921
SC $300,000 $300,000 $300,000 $300,000 (803) 536-9874
SD $300,000 $300,000 $100,000 $100,000 (605) 336-0177
TN $300,000 $300,000 $100,000 $100,000 (615) 242-8758
TX $300,000 $300,000 $100,000 $100,000 (512) 476-5101
UT $500,000 $500,000 $200,000 $200,000 (801) 572-1218
VT $300,000 $300,000 $100,000 $100,000 (802) 244-8540
VA $300,000 $300,000 $100,000 $100,000 (804) 282-2240
WA $500,000 $500,000 $500,000 $500,000 (360) 426-6744
WV $300,000 $300,000 $100,000 $100,000 (304) 733-6904
WI $300,000 $300,000 $300,000 $300,000 (608) 242-9473
WY $300,000 $300,000 $100,000 $100,000 (303) 292-5022

For more information contact the National Organization of Life and Health Insurance Guaranty Associations (NOLHGA, 13873 Park Center 
Road, Suite 329, Herndon, VA 22071)  

Copyright @2008 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766
 Page 10

Number of Avg Purchase

Cases Gender Avg Age of Avg Cash Suren- Price as % of
State Closed Male Female Insured Total Face Value Avg Face Value der Value Face
Alabama 1 1 0 74 $1,126,250 $1,126,250 $107,673 22.5%
Alaska 0
Arizona 6 5 1 74 $20,958,000 $1,746,500 $35,259 34.2%
Arkansas 4 2 2 72 $5,408,200 $1,352,050 $48,127 29.4%
California 23 14 9 74 $44,957,640 $1,954,680 $138,849 30.1%
Colorado 2 2 0 75 $4,468,000 $2,234,000 $180,174 21.6%
Connecticut 3 2 1 72 $7,924,674 $2,641,558 $156,616 21.3%
Delaware 1 1 0 72 $2,701,000 $2,701,000 $149,007 26.4%
Dist. of Columbia 2 1 1 71 $3,901,000 $1,950,500 $155,079 26.5%
Florida
35 20 15 75 $75,272,750 $2,150,650 $134,383 27.6%
Georgia 7 5 2 74 $15,400,000 $2,200,000 $208,431 15.4%
Hawaii 1 1 0 73 $1,895,625 $1,895,625 $89,442 17.2%
Idaho 2 1 1 71 $3,128,000 $1,564,000 $142,540 20.8%
Illinois 5 3 2 75 $10,545,270 $2,109,054 $207,196 31.1%
Trade Data 11/17-11/28

Indiana 2 2 0 73 $3,250,544 $1,625,272 $130,092 24.8%

Iowa 1 0 1 73 $2,006,002 $2,006,002 $209,145 24.7%
Kansas 2 1 1 75 $4,344,712 $2,172,356 $140,700 22.3%
Kentucky 0
Louisiana 0
Maine 1 0 1 75 $1,157,500 $1,157,500 $69,631 27.5%
Maryland 3 3 0 72 $4,681,062 $1,560,354 $104,704 26.7%
Massachusetts 2 1 1 73 $5,478,082 $2,739,041 $282,999 24.0%
Michigan 1 1 0 71 $1,585,000 $1,585,000 $110,216 27.1%
Minnesota 5 4 1 74 $16,271,000 $3,254,200 $289,361 29.6%
Mississippi 2 2 0 70 $4,494,104 $2,247,052 $187,599 21.6%
Missouri 2 1 1 73 $4,522,898 $2,261,449 $188,461 28.2%
Montana 0
Nebraska 1 1 0 76 $1,602,000 $1,602,000 $86,842 19.6%
Nevada 3 2 1 75 $3,496,467 $1,165,489 $82,796 20.7%
New Hampshire 1 1 0 76 $1,359,857 $1,359,857 $127,203 24.6%
New Jersey 2 1 1 74 $3,709,082 $1,854,541 $89,934 26.1%
New Mexico 1 1 0 75 $2,500,000 $2,500,000 $216,006 26.8%
New York 15 9 6 74 $25,995,000 $1,733,000 $108,855 27.8%
North Carolina 5 3 2 72 $8,782,720 $1,756,544 $123,548 32.4%
North Dakota 0
Ohio 1 0 1 74 $1,235,000 $1,235,000 $70,760 19.7%
Oklahoma 2 1 1 71 $2,920,000 $1,460,000 $106,210 23.6%
Oregon 1 1 0 75 $2,000,000 $2,000,000 $104,860 26.0%
Pennsylvania 4 4 0 71 $5,764,000 $1,441,000 $116,641 29.4%
Peuerto Rico 0
Rhode Island 1 1 0 76 $2,455,250 $2,455,250 $231,369 24.1%
South Carolina 3 2 1 72 $3,030,000 $1,010,000 $72,838 20.5%
South Dakota 0
Tennessee 0
Texas 11 6 5 77 $25,808,750 $2,346,250 $127,666 28.2%
Utah 0
Vermont 1 0 1 74 $1,465,294 $1,465,294 $105,888 28.7%
Virginia 1 1 0 72 $1,330,000 $1,330,000 $112,994 25.6%
Washington 0
West Virginia 0
Wisconsin 0
Wyoming 0
Totals 166 107 59 73.46 $338,930,734 $72,948,318 $5,350,094 25.2%
Note- All gray highlighted rows are non-regulated states. The information contained herein is made available to the public by Life-Exchange,
Inc.

Copyright @2008 Life-Exchange, Inc │ 2001 Biscayne Boulevard Suite 2102, Miami, Florida 33137 │ (866) 907-9766
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