How To Speed Up The Life Settlement Process
How To Sell Your Life Insurance Policy Faster.
Many policyholders are surprised to learn how long the life settlement process can be. Whether working with a direct buyer or fielding multiple offers alongside a life settlement broker, the process of selling your life insurance policy can last several weeks, even months.
Some of the major life settlement companies claim to offer a speedy process, then turn around and offer you $1,000 for your policy. (This really happens!)
Others claim they offer a ‘proprietary underwriting process’ that allows them to produce real offers faster than the rest. Then 48 hours later turn around and offer you $1,000 for your policy.
It’s important to remember that most direct buyers will claim their goal is to get you the best offer possible. They claim that by ‘cutting out the middleman’ you will see more money for your policy and you will complete the process faster.
But let’s think about this.
Let’s consider the motivation of anyone that is buying anything. A primary goal is to secure that thing for the best price possible. So, why would a direct buyer of life insurance policies be any different? Their goal, fundamentally, is to buy policies for the lowest price possible to appease shareholders and their own bottom line, not you. Insurance companies aren’t in the business of appeasing you.
A moment to allow the shock to settle.
And sure, by “cutting out the middleman” policyholders will see a higher percentage of the low offer that they’re hoping you will accept.
The fact remains that selling a policy is not a speedy process and getting the best price possible will always take some time. But there are ways that you, the policyholder, can speed up the process and secure the highest offer possible.
Windsor’s life settlement process consists of five steps:
- Step One: Get a quote using the life settlement calculator.
- Step Two: Request and complete your inquiry forms.
- Step Three: Underwriting
- Step Four: Begin receiving offers.
- Closing: Accept the best offer and get paid.
Move Through The Steps Faster
In some cases, the first two steps take weeks to complete. However, these first two steps can quite literally be completed on the first day. You, as the policyholder, have the power to get these two steps out of the way on the first day.
Complete Your Inquiry Form As Soon As Possible
Once you get your offer range from the calculator, request and complete your inquiry forms as soon as possible.
The life settlement inquiry form is 5-6 pages. It explores the basics of your policy and medical history. Throughout the Underwriting process, we keep this information securely with us and do not share it with our buyers until they are serious about making offers.
Call Your Insurance Company. Then Call Your Doctor.
As the policyholder, you can even help speed up the Underwriting process. You can:
- Call your doctor to get your full medical records.
- Contact your insurance company to get your “in-force illustration”.
Now, if you prefer, we are happy to request these documents on your behalf. One of the documents your Inquiry Form is an authorization allowing us to contact these people on your behalf.
However, both the doctor’s office and the insurance company will certainly move faster when dealing with you directly.
Often times, the insurance company will make us wait a full 90 days to get the in force illustration! If you called, they would provide it right away.
Some Policies Will Sell Faster Than Others
Many policies can be sold quickly for smaller cash payouts at any time. Companies that buy life insurance policies directly from the policyholder want to buy policies for the lowest possible price early in the process.
However, many policies are too valuable to sell this way. When this is the case we suggest that policyholders allow buyers to bid and compete for your policy which generally drives the price up.
Call Us Today!
We’re available Monday-Friday 9am-5pm CT to discuss your policy.
- Author: Windsor Life Settlements
- Published Date:
