How To Review A Viatical Settlement Broker?
Life settlement brokers are like any other representative
, make the incorrect decision and you could be stuck with your choice and experience the penalty of an incompetent agent. The following factors are crucial considerations when deciding on the right life settlement broker.
Independence:
The brokers impartiality is unquestionably the first consideration you should make when deciding on the right broker. This factor alone will in fact drive the dealings of the broker making sure that your welfare will be placed above theirs. This makes the work of the broker easier and as a result will mean that you will end up with the most appropriate options.
Certification:
Some states still do not have strict rules and regulations regarding who can qualify as a life settlement broker. Unfortunately, they are not mandated by law to undergo any training. To give yourself peace of mind pick one that is highly educated and experienced.
Patient and not busy-bee:
Test the brokers patience by asking the relevant questions. A broker that not too busy to answer the phone or to meet you face to face at your request will really show that they have a high regard of customer service excellence.
Ethical and not otherwise:
This is very important as the whole deal is based on trust and understanding. You are giving private private information, which can be misrepresented by the broker. Again, an ethical broker sees to it that all the rules are adhered to even when not bound by regulation. He will also include a medical doctor in the team to evaluate your current and past medical history to aid you to get the greatest gain.
Commissions:
Another equally valuable point is the method he calculates his fee. There are several techniques of calculating life settlement commission and the charge you pay will be significantly different under each approach. Therefore, choose a broker who follows the value created system. Under this technique, you reach agreement to pay a specific percentage (usually 30%) of the extra amount they create you for surrendering the policy. In other words, the amount over and above what you could have earned by surrendering to the insurance company.
Life insurance settlement becomes important particularly in the present situation of economic crisis where senior citizens are worst affected. If you select a life settlement broker after considering these points, you can be confident that the agreement you get into would be the best one available. A first-class broker can, in fact, fetch you a significant value which no insurance company can offer.
Consider the above factors carefully when choosing a life settlement broker. The best way to make a choice is to meet the broker and pose lots of questions and make sure you are comfortable with the broker you will be working with.
by: David Martin.
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