#memorialexperts
We just signed a MoA for the purchase of a preneed life plan company. It is one of the 22 remaining surviving memorial plan companies in the country. The OIC has closed most of the 100 life plan companies due to insufficiency of trust fund and capital to meet future claims. The closure of permit to sell more plans means the end of the liquidity funnel for these companies.
The owner of this life plan company decided to quit while they are ahead. They are selling pension plans and they were hard hit when pre need companies fell into disfavor.
They are selling the license to us and are applying for license from OIC to revive the company.
The acquisition will give us the legal structure and vehicle to sell our packages of lots and services. We can opt for the same strategy: cheaper if pre need and higher at need.
