Can someone describe the life settlement process?

  1. What documents do I need beforehand?
  2. Is it going to cost me anything?
  3. How long does it typically take?

Comments

Application & Release Forms

Typically you'll need to fill out an application and sign release forms so that your broker can retrieve the required documents on your behalf. Once that's done, your broker will gather an illustration for your policy, medical records, loan documents, and so forth.

No, it shouldn't cost you a penny. If someone tries to charge you a fee, look elsewhere.

A life settlement transaction typically takes between 60 and 90 days. A lion's share of that time is spent waiting on documents to be pulled from all the various places. Another big chunk of time is spent gathering bids from the life settlement providers (buyers). Finally, there are more documents to sign once a winning bid is selected. Then ownership of the policy is transfered and payment is received.