How to Pick A Life Settlement Provider

How to Pick a Life Settlement Provider

In this era of Uber, crowdsourcing and customized television streaming, many seniors are also opting to eliminate the middleman for certain big financial decisions. A relationship with a trusted advisor can be incredibly valuable, but consumers who are considering a life settlement might save money and time by arranging the sale of their insurance policy themselves.

If a life insurance policyholder decides to pursue a life settlement to turn that policy into income, the first step is deciding who to call first—a settlement provider or a financial advisor. The answer to that question must be considered on a case-by-case basis, but the following factors should be considered:

Understand the process

Companies like Magna Life Settlements, which has paid out nearly a half a billion dollars for life insurance policies in the past five years, seek to make the life settlement steps as simple and clear as possible, and a quick visit to the Magna website can help determine whether you qualify and how to proceed if you do. Gaining a basic education about life settlements should go a long way toward letting a consumer know whether he or she prefers direct contact with a provider or the intervention of an advisor.

Make sure advisors protect your best interests

An intermediary isn’t required to reach a life settlement, so the decision whether or not to work with an advisor is a matter of your preference. If you have worked with an advisor for years and have seen him or her represent you with integrity, you can be confident that he will leverage all of his knowledge and connections to find the optimal life settlement situation for you. Be sure to find a broker who is transparent, well-connected to find the best terms for your settlement, and licensed to practice in the state where you are located.

Understand the pros and cons of both options

Some seniors prefer the freedom to investigate the life settlement process for themselves and select the right provider, especially because they will save money if they forego an intermediary. Others are more comfortable relying on the wisdom and experience of a financial advisor as they navigate life settlements. Either option has merit and can result in a successful and profitable life settlement experience.

Reach out

If Magna’s on-line calculator raises more questions or you just need to talk in more detail about the possible advantages of a life settlement, don’t hesitate to contact a Magna specialist to have your questions answered. With 14 years of experience in the industry, Magna wants to guide you as you consider the best outcome for your life insurance policy.

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