How To Choose The Right Life Settlement Provider

Finding the right life settlement provider can seem a bit of a tricky task. There are two types of professionals who work in the industry to get you a life settlement- brokers and providers. While brokers mediate between you and the buyer, providers function as a team of experts and might as well be your buyer. For better credibility and no commissions, life settlement providers are preferred. Here’s what you should be looking for in a life settlement company while choosing one.

License

Since life settlement providers function as an establishment, they need a license from the State where they are situated. This license specifies the company’s limits of dealing with policies of a certain value. Besides that, the license also denotes whether or not the company is regulated by the state. You wouldn’t want to sell your life insurance to a life settlement provider who does not hold the right credentials.

Experience

An experienced life settlement company will have access to a variety of buyers if the company itself is not the buyer. This is one big reason why you should check when the company was established. With experience comes the ability and skills to resolve the issues that clients face. As a client, you might have doubts, questions, and difficulties. If you choose a life settlement provider who has been in the industry for a long while, the issues get resolved more quickly and effectively than they otherwise would.

Confidentiality

When you sell your life insurance, you are required to provide personal information, like your medical records, and the details related to your life insurance policy. Even after you sell your life insurance and acquire your life settlement, you will get frequent calls inquiring about your health status. All of the information that you provide needs to be kept confidential. This is why you need to make sure you choose a life settlement provider who regulates confidentiality through written agreements.

Policy Owner

This is obviously one of the most important questions you need to raise as you communicate with the life settlement provider about the buyer. Many times the life settlement provider would be the buyer as well. However, the life settlement provider can also sell your life insurance policy in bundles to another investor. In this case, you have to be kept in the loop about who would be the future owner of your policy.

Point of Contact

As already mentioned, even after you sell your life insurance policy to the life settlement provider, the life settlement provider would want to stay updated about your health status. It would be better for you to talk it out with the provider and know how often you would be contacted. Also, you should ask them about the mode of communication they would use to contact you. If it fits your comfort level, you can think of selling your life insurance policy. While this factor does not have a big role, it would still help you know if the life settlement provider fits your comfort zone.

 

These are some of the points that you should keep in mind while hunting for the right life settlement provider. Whether you find a provider through recommendation, word-of-mouth, or internet search, spend some time and put some effort into finding the right company for you. Harbor Life offers over 30 years of experience in the life insurance industry. Once you find the right provider, you can talk about what price they plan to offer for your policy, after various calculations. If you find the offer meets your needs, you can go ahead and strike a deal, and receive a lump sum cash payment for your life insurance policy.

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