What Is The Best Way To Sell A Life Insurance Policy?
Tips If You Use A Broker To Help Sell Your Life Insurance Policy
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Look for a reputable broker. Life Insurance Settlement Association, www.lisassociation.org is a good place to start. You can check with your state insurance department to find out if broker licensing is required. (For contact information, see: www.naic.org ). If licensing is required, are there complaints against the individual?
Ask for a disclosure form which tells you who is getting money relating to your policy and how much money each person or company is getting. Don't just get percentages. (You can obtain a copy of a form from the Institutional Life Markets Association (www.lifemarketassociation.org ). The non-profit organization requires use of the form for all brokers who want to do business with their purchasing members).
Don't let the broker or anyone else should charge a commission against the part of the payment equal to the cash value in the policy, if any. That money already belongs to you.
Ask who will be the ultimate owner of your policy. Ask how often and by what means the company contacts you after a sale (to be sure you are still alive).
Satisfy your privacy concerns. For example, ask which companies the broker will tell about your personal information. Ask how any companies you're considering selling a policy to handle privacy issues.
Before accepting an offer, show it to an independent financial advisor who has no connection with any of the people or companies involved in the proposed purchase. For a hefty fee, www.whatsmypolicyworth.com will analyze the details of the situation and provide an idea of what everyone in the process should receive.
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