Entering into a life settlement broker agreement is an important part of the life settlement process. Many clients do not understand the importance of a life settlement broker agreement, but without one be it verbal or written there are bound to be issues. The most common issue is loss of control of the policy.
A life settlement broker agreement usually gives the broker the exclusive right to work on the life settlement. This is important because policies that have been “over shopped” will elicit lower offers from funders than a policy that has only been seen from one broker.
The funders want to make sure that the person they are dealing with has direct access to the client and that they can work on the clients behalf. These funders will, often times request a copy of the life settlement broker agreement so that they are assured of the connection between the client and the broker.
Click the Live PDQ button to see if a life settlement is right for you.