get a secondary opinion®
It’s not unusual to hear about a policyholder who abandons or cashes in their life insurance policy without first checking for its fair market value. If they had appraised their policy, many would have found out that it could have been worth far more in the Secondary Market than what they received by simply letting the policy lapse or cashing it in with the insurance carrier that issued the policy.
Those familiar with the Secondary Market know that obtaining the best value for a life insurance policy doesn’t always come from the issuing company. Prudent advisors and their clients understand the importantance of appraising their policy to see what it’s really worth through ordering a Secondary Market Valuation, SMV®. This not only provides up to date information about the true fair market value of their policy, it also can mitigate liability for trustees and fiduciaries that might have unknowingly surrendered or lapsed policies for minimal value.
So what must an advisor and client do to ensure the best possible outcome? First, evaluate all options available to the client, including a life settlement. Next, work with a firm that is licensed to advocate on your client’s behalf. Their responsibility is to analyze the client’s probability of receiving an offer for their policy in the Life Settlement Secondary Market. They then guide the client and advisory team efficiently through the process and minimize potential pitfalls. A licensed broker, such as Ashar, is aligned with the client’s interests, will help to ensure that you follow all applicable compliance requirements, and we will negotiate with their established institutional funding relationships to secure the best offer possible for your client’s policy.
By following these steps, you’re helping to ensure that your client is being dutifully represented, while you protect your reputation and limit liability. If you have any questions about the Secondary Market, please call and speak with one of our Secondary Market Specialists at 800-384-8080.
