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What Is The Best Way To Sell A Life Insurance Policy?

Should I Use A Broker Or Work Directly With Purchasing Companies?

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If you are considering selling a policy yourself, look at what is involved in the sale process to determine if you are able and willing to take care of the process yourself. Understand that once you approach a purchasing company, it will be in the company's interest to take over as much of the work as it can to help convince you to sell your policy to that purchaser.

Brokers are supposed to work on your side, with only your interests at heart. The reality is often that a broker's interest is purely personal: from which purchaser can they get the highest commission?

If you work through a broker, ask for the amount of their commission in writing. Confirm what you are told by the broker with the companies you're interested in working with.

Keep in mind that the amount of commission a broker receives is negotiable at any time during the transaction. If you want to increase the amount of money you will receive, ask if the broker will decrease his or her commission.

Ultimately, in addition to looking at the best price, consider whether a potential purchaser also provides the other matters you care about -- such as the way confidentiality is guaranteed or how the company keeps with you after a sale.

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