When it comes to selling your life insurance policy, working with a licensed life settlement broker can be the difference between receiving a fair market value or not. As fiduciaries, brokers are legally obligated to act in their client’s best interest, protecting them throughout the entire transaction. Their job is to save time and streamline the application process, while negotiating within an auction setting to secure the highest settlement offer possible. Unlike direct buyers, who may offer a fast sale but do not shop the market and have no fiduciary duty to the client, brokers evaluate a seller’s policy and situation to ensure it makes sense for them. Since life settlement brokers do not sell insurance, they provide an unbiased view of a policy and whether it qualifies or not.
At Bridge, our licensed life settlement brokers are here to help you get the most value out of your policy. Download our iOS and Android app, ValuLife, to get a free cash estimate in less than 5 minutes and find out what your policy is really worth!
When considering selling your life insurance policy, it’s important to weigh the benefits and drawbacks of working with a life settlement broker versus a provider.
3 Pros of Working with a Life Settlement Broker
- Working with a broker gives you access to multiple potential buyers, which can increase your chances of receiving a higher settlement offer, while a provider may only provide a single offer.
- Brokers have a fiduciary duty to act in their client’s best interest, ensuring they receive a fair market value for their policy, whereas providers may prioritize their own interests over the seller’s.
- While a provider may offer a faster sale process, brokers can save you time by handling all paperwork and negotiations for you, streamlining the process and minimizing the headache of negotiating yourself.
3 Cons of Working with a Life Settlement Broker
- Brokers typically charge a commission, which can reduce the final settlement amount you receive.
- The auction process used by brokers to obtain multiple offers can take longer than a direct sale to a provider.
- Some sellers may prefer a direct sale to a provider if they have a pre-existing relationship or if they prioritize speed over obtaining multiple offers.
Top 3 Questions About Life Settlement Brokers
How do I find a reputable life settlement broker?
To find a reputable life settlement broker, research online and look for brokers who are licensed and have positive reviews from past clients.
What fees do life settlement brokers charge?
Life settlement brokers typically charge a commission fee based on a percentage of the policy’s face value or settlement value, which can range from 10-30%.
How long does the life settlement process take with a broker?
The life settlement process with a broker can take several weeks to a few months, depending on factors such as the complexity of the policy, the amount of offers received, and the speed of the underwriting process.
Samantha Case Study
Samantha had been paying premiums on her life insurance policy for years, but as she entered retirement age, she realized she no longer needed the coverage and wanted to explore her options. She stumbled upon Bridge and decided to give it a try. After a quick and easy application process, Bridge presented her policy to over 10 funds in their private auction, which led to an offer that was 10 times higher than what she had originally been offered by a direct buyer. Throughout the process, Bridge communicated transparently and efficiently, making Samantha feel confident and informed. Thanks to Bridge, Samantha was able to boost her retirement fund significantly and was grateful for the personalized and professional service.
In summary, working with a reputable life settlement broker like Bridge can make a significant difference in the value of your policy and the speed of the process. With our HighLife Guarantee, you can be assured of receiving the highest offer possible for your policy. Our commission is often overshadowed by the increase in settlement value we can obtain for our clients. Contact us today to learn more or use our ValuLife app for a free appraisal – in just 5 minutes, you could earn 500% or more on your policy. Don’t leave money on the table – trust Bridge to help you get the most value out of your life insurance policy.