Are you one among those who are contemplating of surrendering your life insurance policy? Then, do not commit the same mistake that many people do - choosing a life settlement broker at random.
You will be missing a good deal if you do so.
To avoid this pitfall, choose your life settlement broker by considering the following factors: Broker and not buyer: You may find many brokers out there who play a double role.
This can create serious conflict of interest, which is not going to help you in any way.
So ask your broker straightaway who the buyer is and avoid anyone who is not willing to disclose information regarding the buyer.
Certified and not certified: Many states still do not have strict rules and regulations regarding who can become a life settlement broker.
Unfortunately, they are not required by law to undergo any certification or training programs.
So to play it safe, make sure that the one you choose knows the trade and is a certified broker.
Patient and not busy-bee: Choose a broker who has enough patience to explain you all about the settlement.
An ideal broker is one who educates you, gives you many options to choose from, inform you of the steps taken, etc.
If someone is pretending to be a busy bee, then you can very well suspect something fishy.
Ethical and not otherwise: This is very important as the whole transaction is based on mutual trust and understanding.
You are giving sensitive personal information, which can be misused by the broker.
Again, an ethical broker sees to it that all the regulations are adhered to even when not bound by law.
He will also include a medical doctor in the team to analyze your current and past medical history to help you get the maximum benefit.
Fair versus unfair commission agents: Another equally important consideration is the way he calculates his commission.
There are several methods of calculating life settlement commission and the fees you pay will be significantly different under each method.
Therefore, choose a broker who follows the "value created" method.
Under this method, you agree to pay a certain percentage (usually 30%) of the additional amount they found you for surrendering the policy.
In other words, the amount over and above what you could have earned by surrendering to the insurance company.
Life insurance settlement becomes relevant especially in the current scenario of global economic downturn where senior citizens are worst affected.
If you choose a life settlement broker after considering these points, you can rest assured that the deal you get into would be the best one available.
A good broker can, in fact, fetch you a great fortune which no insurance company can offer.
So, now you know how to distinguish the genuine from the fake, start collecting data about life settlement brokers and choose the right one.
Maybe he will make your life more safe and secure.
Who knows the size of the fortune that is awaiting you?
You will be missing a good deal if you do so.
To avoid this pitfall, choose your life settlement broker by considering the following factors: Broker and not buyer: You may find many brokers out there who play a double role.
This can create serious conflict of interest, which is not going to help you in any way.
So ask your broker straightaway who the buyer is and avoid anyone who is not willing to disclose information regarding the buyer.
Certified and not certified: Many states still do not have strict rules and regulations regarding who can become a life settlement broker.
Unfortunately, they are not required by law to undergo any certification or training programs.
So to play it safe, make sure that the one you choose knows the trade and is a certified broker.
Patient and not busy-bee: Choose a broker who has enough patience to explain you all about the settlement.
An ideal broker is one who educates you, gives you many options to choose from, inform you of the steps taken, etc.
If someone is pretending to be a busy bee, then you can very well suspect something fishy.
Ethical and not otherwise: This is very important as the whole transaction is based on mutual trust and understanding.
You are giving sensitive personal information, which can be misused by the broker.
Again, an ethical broker sees to it that all the regulations are adhered to even when not bound by law.
He will also include a medical doctor in the team to analyze your current and past medical history to help you get the maximum benefit.
Fair versus unfair commission agents: Another equally important consideration is the way he calculates his commission.
There are several methods of calculating life settlement commission and the fees you pay will be significantly different under each method.
Therefore, choose a broker who follows the "value created" method.
Under this method, you agree to pay a certain percentage (usually 30%) of the additional amount they found you for surrendering the policy.
In other words, the amount over and above what you could have earned by surrendering to the insurance company.
Life insurance settlement becomes relevant especially in the current scenario of global economic downturn where senior citizens are worst affected.
If you choose a life settlement broker after considering these points, you can rest assured that the deal you get into would be the best one available.
A good broker can, in fact, fetch you a great fortune which no insurance company can offer.
So, now you know how to distinguish the genuine from the fake, start collecting data about life settlement brokers and choose the right one.
Maybe he will make your life more safe and secure.
Who knows the size of the fortune that is awaiting you?
Source...