After you decide to sell your life insurance policy, the next step is to find the right life settlement broker. And even though an online search will list the most popular ones in your state, you need to proceed with caution before making your final selection.
Here are some tips to keep in mind when looking for a life settlement broker.
Look For Licensing—Make Sure They Are Legit
One of the most important things to look for when deciding on a life settlement broker is to make sure they hold a verified license. After all, you wouldn’t want to sell your insurance policy to a company that doesn’t have the right credentials or may misuse your policy.
Life settlement brokers are required to have a license by law if they are to operate. The license also limits a company to dealing with life insurance policies that amount to a specific value. Apart from this, it tells you if a company is regulated by the state or not.
Fish For Their Experience And Ask The Right Questions
If you want to sell your insurance policy for a high value, it’s important to go to a company that has plenty of experience.
This is because experienced companies have entire networks of buyers to tap into—which gives you a better chance of getting matched with the right customer.
Long-term experience also tells you that the broker has the necessary set of skills required to get customers a good deal and handle any issues quickly and efficiently.
A Written Agreement of Confidentiality
Selling your policy involves divulging many important details. These details could include your medical history, personal financial information and other details relating to your insurance policy, which you wouldn’t want to reach the wrong hands.
You are also likely to receive calls from your broker even after you’ve sold your policy, and you want to keep all this information confidential.
So you need to hire a company that regulates confidentiality with written documents as an added safety layer and proof of correspondence.
Frequency and Point of Contact
You will be still be contacted about health updates by your settlement broker , so it’s important to establish the frequency and mode of communication from the get-go so it doesn’t interfere with your life.
While this isn’t a huge factor, dealing with a broker who can be flexible helps a lot.
If you can’t decide what life settlement broker to go with, feel free to contact us at Prosperity Life Settlements. We function as a life insurance settlement broker and can connect you with the best life settlement companies in your state.
If you think this might be a good idea, feel free to reach out to us at (800) 591-2551 via fax, or email us at email@example.com.
Use our free life settlement calculator to get an instant estimate of your payout.