Choosing a Good Life Settlement Company
The most important step in the life insurance settlement process is choosing the right life settlement company to help you. Like most large complex transactions, it takes a team of financial professionals to execute a life settlement. The life settlement company plays by far the largest and most critical role. The professionals at these companies are responsible for presenting the policy case file to institutional investors and negotiating the best deal on behalf of the client.
It is important that the decision to sell a life insurance policy is, in fact, in the best interest of the insured and the family. Seniors need to find life settlement companies that not only have experience in the life settlement market but who also have the expertise to understand their complete financial picture. A life settlement should only be entered into if it is a good fit considering the broader context of the family financial and estate planning situation. Life settlements, when they are appropriate, are only one part of securing a much stronger financial position for a senior and his or her family.
Choose a Life Settlement Company with experience and solid reputation
In choosing a life settlement company the first step is to seek experts that have built a solid reputation in the life settlement industry and with other financial professionals. Most Lawyers and CPAs rely on a life settlement company in these transactions to ensure success. They only deal with other professionals that they trust and respect because their reputation and clients are at stake.
David Mickelson is a life settlement broker who has developed a strong reputation with many financial professionals. He works with advisors who handle the finances of some of the wealthiest families in the nation.
“I’ve dealt with David Mickelson on many occasions in life settlements and insurance in general, and I’ve never found anyone to be more true. He’s direct, he has high integrity, he says it like it is. It may not be perfect, it may not be everything you want to hear, but he gets you an incredible opportunity to have the best success you can by being involved with life settlement.”
Harvey Bookstein, CPA
Founder of RBZ, LLC
Top 25 California Accounting firm
Another important indicator that seniors should consider is whether their Life Settlement company is a member of the Life Insurance Settlement Association (LISA). This organization is the industry standard bearer; that sets policies and has high ethical standards for all industry participants. Members of LISA must adhere to a strict code of conduct.
When it comes down to it, trust is the single most important factor in the relationship. A senior must trust that the life settlement company that he or she chooses has as top priority the creation of the best solution for the client. If it seems like the professional is simply anxious to make a sale, then the client may want to consider another company to represent them.
Questions To Help You Choose a Good Life Settlement Professional
- Will they take the time to understand your goals and situation?
- Will they explain everything to you clearly
- Will they work with your other financial pros (CPA, lawyer, financial planner, investment advisor)
- Will they help you discuss your plans through with your family?
- How much experience do they have?
- Do they have the capacity to create the financial modeling with software that establishes the actual policy settlement values?
- What is their reputation with other financial professionals?
- Do they have client testimonials?
- Are they a member of professional associations (i.e. LISA)
- Are they licensed and regulated professionals?
About the author:
David Mickelson, ChFC, AEP is an expert in wealth strategies for seniors. He has helped hundreds of seniors with life insurance, life settlements and all aspects of estate planning.