A Guide to Senior Settlement Brokerages

Life Settlement Brokers make the entire process of Senior Life Settlement easier. Insurance is a highly secretive market, where the current prices of policies are not easily available to the policy holders. Brokers get this inside information, as most brokers are closely affiliated with insurance companies. Brokers also know the procedures along with all their intricacies, and can speed up the process. One more important advantage of having a broker settle a senior policy is that they can attract more bids and hence give a better choice to a buyer.

Many a times, brokers restructure the senior life policies to make them appear more appeasing to buyers. They get the forms filled in, with all policy and personal information of their client. Once this paperwork is done, they submit the forms to different buyer companies and secure their bids. These bids are then told to the policy holder so that they can decide which is the most profitable for them. During the entire procedure of settlement, the brokers hold the funds of the client in an escrow account. This account is settled on the settlement of the policy.

Senior Life Settlement Brokers work for the benefit of their clients. They keep the best interests of the clients in mind. A particular buyer may not be interested in the policy, but another one might be. Hence it is necessary to introduce the policy in the open market. This is done by the broker. Brokers use their contacts with buying companies and their negotiation tactics to get a better deal. Usually the best deal is the one that has the maximum possible bid.

Brokers take their charges from their senior citizen clients once the policy has been settled. Senior citizens get a lump sum cash amount on the settlement of the policy. The brokers charge a percentage of this amount as their fee. Some brokers work in association with insurance companies and charge some percentage from the companies, also. Since policy settlement is a win-win situation for the company as well as the policy holder, brokers can charge their brokerages from both of them.

Brokers for Senior Life Settlement are distributed all over the country. They are bound by the rules of the National Association of Insurance Commissioners, as a protection for the senior citizens against fraud and cheating.