If you’re going to participate in the life settlement market, for a lot of agents it’s important to have a relationship with a life settlement broker. As we go about focusing on our normal practice of estate planning or financial planning, we will inevitably come across a situation where an insured is trying to decide what to do with old unneeded life insurance policies. Most planners or agents are aware that there is a life settlement market for old policies. But they haven’t studied or practiced it enough. This is where a life settlement broker can come into play.
Traditionally, a broker is someone who understands the current status of a particular industry. A life settlement broker understands the players, funding companies, sources and nuances of the life settlement market and stays on top of the constant changes. As the market continues to evolve it is very difficult to know exactly what is going on from week to week. So unless your practice is focused on the life settlement market it’s a wise move to enlist a life settlement broker. Yes, they get paid. But typically it is only a small portion of the overall compensation or fee. And it helps to deliver a better result for your client.
As new funding sources flow into the market and new developments surface, a traditional planner would only learn about these changes if they ran across information in a journal or website.
So if you are an insured looking for options on your unneeded life insurance policies and your agent lacks the expertise in the market, make sure to suggest they solicit a life settlement broker to team up with to make certain that you are being taken care of.
You can visit our LIVEpdq webcast for more information and receive a free policy evaluation to see if you qualify for a life settlement.