There are two options available when it comes to selling your life insurance policy: You can go directly to the company that will be purchasing the policy – known as a life settlement provider – or you can approach a life settlement broker who will act on your behalf to contact multiple providers to receive competing quotes.
Depending on your situation, a broker may be a good choice, but they will take a percentage of your settlement as a commission – sometimes 20% or more. That could be a huge amount of money depending on the value of your policy.
However, if you don’t mind doing minimal legwork, going directly to a licensed provider may be your best bet for maximizing your payout.