This is basically an operation at high risk, as life itself is unpredictable. Viator (seller) can survive the expected life, and in this case, the company hope to purchase the policy may lose. The longer the person resides, lesser is the return value of the policy.
A terminally ill could sell its policy to raise money for the purpose of alleviating financial strains of his last days or to leave something for their children or grandchildren.
There are many private companies that buy life insurance policies. Them, then they become the beneficiaries upon the death of the original policyholder. Before selling the policy, make sure that you are selling to a financing company and not a broker company. This is because brokerage companies are not real buyers and may or may not act in their best interest.
In addition, businesses have their own rules for the purchase of policies. It would be a list of verification in your policy. For example, most companies prefer that the policyholder has had at least a two-year policy. It may also ask you to sign an authorization allowing them to access their medical records.
You must not accept payments in installments. According to the law of the State of New York, all funds must be received at the time of the sale. In addition, there should be no hidden charges involved at the time of the sale.
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