Life Partners Holdings, Inc., through its subsidiary, Life Partners, Inc., operates in the secondary market for life insurance worldwide. It facilitates the sale of life settlements between sellers and purchasers, but does not take possession or control of the policies. The company provides insurance policies to the purchasers at a discount to their face value for investment purposes; and purchasing services for life settlements. It primarily serves institutional purchasers, such as investment funds; and retail purchasers, including high net worth individuals. Life Partners Holdings, Inc. was founded in 1971 and is based in Waco, Texas. On January 20, 2015, Life Partners Holdings, Inc. filed a voluntary petition for reorganization under Chapter 11 in the US Bankruptcy Court for the Northern District of Texas.