Are you planning to opt for a life settlement? Do you know the steps to trade a life insurance policy? Well, if not, then this article will guide you through the most crucial steps of the life settlement. But before discussing the steps, let’s explore what a life settlement is.
A life settlement is not a new concept for residents of Miami and Fort Lauderdale. Over the years, a life settlement is considered to be one of the most money-spinning options for senior citizens. A Life Settlement is the selling of your life insurance policy for cash to a third-party buyer or insurance company in exchange for monetary benefits. However, the program is intended for older people who are 78 years or older. But people who are 65 years or older suffering from severe health issues can apply for a life settlement.
In order to get the best deal in a life settlement, you need to get through seven significant steps and here they are. Have a look:
1) Hire a life settlement broker: If you want to enjoy a comfortable and convenient life settlement; hiring a life settlement broker is the first step.
2) Find the best deals and get a client: The market value of a life settlement varies from location to location so consult your agent and think over a number of options before finalizing on any one.
3) Go for applications: Once you have determined that you want to go for a life settlement; ask your agent to complete the application procedure with the required authorizations of both the government and the buyer.
4) Clear documentation: This is one of the most crucial steps of the life settlement process. Submit all necessary documents including physician statements, photos, and copies of the insurance policy itself.
5) Verify the documents: At this step, the insurance company will verify the entire deposited documents to make a symptomatic bid both for you and your buyer.
6) Share the bid: This step involves the sharing of the proposal with both the policy owner and the customer to settle on a potential match.
7) Fund transfer: The last step includes the switching of ownership and beneficiary followed by the transfer of settlement funds to the designated account of the original policyholder.