How to Sell Your Life Insurance Policy
Once you have decided that you want to sell your life insurance policy, the first step is to find potential buyers.
Contact your state Department of Insurance to see if viatical or life settlement companies have to be licensed in your state. If so, they will provide you a list of licensed companies. If not, the association website below lists its members, and a web-search for �life settlements� will direct you to many companies. Call Life Settlement Pro at 1-888-973-8377.
Contact several of these companies and briefly describe your policy and your medical condition. Those that are interested will send you paperwork to complete.
Note that most of these companies, especially brokers, will tell you that they survey the market so you don�t need to. I strongly recommend that you submit the information to more than one company. There is no way to judge the value of your policy given your medical condition except to see what the market is willing to pay for it. You need to get several bids to help determine the market value of your policy.
Once you have decided which companies you are going to consider, contact your state Department of Insurance, the state Attorney General�s office, and the Better Business Bureau to see if there have been complaints filed against them.
Upon submitting the initial paperwork to the settlement company, they will:
�Obtain your medical records for review and estimate your life expectancy.
�Confirm the existence and details of your policy with the insurance company.
�Require the current beneficiary to acknowledge the beneficiary change and agree not to challenge it.
