How do I get a Life Settlement?
If you have been following our articles, then you have read all about life settlements and you know why they might be important to you.
The next step for you is to find out how to go about getting a life settlement at the best possible price. Read on and we will explain all.
Table of Contents
How do I get a Life Settlement?
Contact a life settlement service
What information will my life settlement service require?
Life settlement provider V Life settlement broker
What happens after I have given my details?
How long will the life settlement process take?
Get your life settlement started right now
Life settlements can be the perfect solution to a problem you didn´t even know you had. You have been paying monthly premiums for years on a policy you thought you were stuck with for life.
Until you came across an internet article explaining how you can sell your life insurance policy in a transaction known as a life settlement. Meaning no more monthly premiums for you and a nice lump sum in your bank account to spend however you wish.
So, what is the first step to getting a life settlement on your existing life insurance policy?
It really is as simple as that. Through this link below,you can contact a life settlement service in your state and start the ball rolling.
The life settlement service will want to know various details about yourself and your policy.
The rules and regulations for life settlements are very strict and vary from state to state. We only list trusted life settlement services who are licensed to trade in your state.
This means we know they will give you a fair price for your policy and the transaction will follow the state guidelines.
L.I.S.A.org (Life Insurance Settlement Association) is the all-American organization that encourages the promotion of high standards within the industry for both traders and clients.
What information will my life settlement service require?
The most common questions that a life settlement service will ask are:
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Your full name
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Your date of birth
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Your nationality
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Your address
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Your email
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Your telephone number
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The name on the policy
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The Insurance company name on the policy
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The policy value
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The policy term: how many years
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The policy start date
You will find all the information you need on your life insurance paperwork, and once you have found this, giving the information should take no more than 10 minutes of your time. Imagine changing your life in just 10 minute.
Life settlement provider V Life settlement broker.
There are two main life settlement services, providers and brokers. The difference between a life settlement provider and a life settlement broker is simple.
A broker works directly for the interests of the seller. They will then assess and value your policy and oversee an auction amongst trusted providers with which they have a working relationship, to get the best price for their client. The price achieved may be higher, but the broker will deduct their percentage-based fees from the total price achieved.
A life settlement provider works in the buyer ́s interest. A provider will be buying your life policy himself, for clients, or for a mutual fund. The offer made for the life insurance policy may be lower than that achieved by a broker, but a provider will charge you no fee. Providers will sometimes have agents working on their behalf.
What happens after I have given my details?
After you have given the licensed service your details, you can sit back and relax. The Life settlement service for your state will contact you directly about your policy. They will ask a few simple questions about you and your life insurance policy. This is information that they need to value your life insurance policy correctly and offer you a fair Life Settlement.
You will NOT have to take a medical.
Then a few weeks later you will receive a Life Settlement Offer which is yours to accept or reject. If you accept, the dollars will land in your bank account and you will have no further obligations. It ́s as simple as that.
