Choosing the right life settlement agent for your senior life settlement can be difficult. But, it is one of the most important decisions a person can make when they decide to do a senior life settlement.
It is a misnomer that you should automatically use the life insurance agent you used to obtain your life insurance policy or even your “friend” that sells life insurance. A life insurance agent’s primary goal is to obtain life insurance for their client from a company that they are licensed with; this does not always mean that you get the best priced product for your life insurance.
The same is true for a life settlement agent, they may know a few settlement funders. But, they may not have the relationships with the funders to obtain the best price for your senior life settlement. They may also be unaware of other opportunities for you besides a traditional senior life settlement.
It is important to interview a life settlement agent before deciding to allow this person to sell one of your most valuable assets, your life insurance. Do they have the proper license to handle your senior life settlement, will they tell you what they are making on the sale of your policy, and will they take the time to talk to you and answer your questions? If the answer is NO to any of these questions we advise you to look for another life settlement agent.
Promises of large paydays are a clear indication that the agent really does not know what they are doing, but that they are working on the premise that they have to give you big numbers in order to entice you to work with them. A good agent will give you a range of what they think is a possible return for your policy once they have policy and health information.
Most importantly, take the advice of those who should know and START with a ballpark estimate using LIVEpdq.