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Step 1
Take your life insurance policy to an experienced professional adviser in the area of settlement. Typically, such an adviser is an accountant, attorney or certified financial planner. Settlements are complex financial transactions that require professional advice.
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Step 2
Determine with your adviser whether to hire a broker or to contact settlement providers directly. The advantage of using a broker is having ready access to the life settlement market, but of course there will be a fee for this service. Alternatively, you may be able to find a list of licensed and qualified settlement providers from your state's department of insurance.
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Step 3
Submit your policy to a settlement provider for valuation. You will also have to release your medical information and other personal information as part of this process.
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Step 4
Review the offer received from the settlement provider with your adviser. If the offer is acceptable, there will probably be a package of documents that need to be signed and returned to the provider to close the transaction. Of course, you can submit you policy to another settlement provider to obtain a comparison valuation before you make your decision.
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Step 5
Submit your documents to escrow for verification by the settlement provider. The cash payment offered for your policy should likewise be in escrow. Once your paperwork is verified, the settlement payment should be released to you.
