Are you thinking of selling your life insurance policy? A life settlement can be a great idea if you need money or no longer see your policy as useful.
That said, you do not typically sell your insurance to an individual but rather to a life settlement or asset management company. This makes the transfer process, which can involve tedious paperwork, easier. Plus, with a company, you can compare different offers to get the maximum value out of your policy.
Even with that in mind, you want to ensure you work with the best life settlement company. And there’s no better place to check for this than the Better Business Bureau. And here’s why:
Establishing Legitimacy
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The first and probably the most important thing you want to know before working with a life settlement company is whether they are legitimate. That is, does the company conform to the law? Luckily, licensing and legal compliance are key factors a business must meet before it is listed by the BBB. So, you can be sure that the company actually exists and does what it says it does.
On top of this, you can read more about the company, including when they were founded, on their BBB business profile.
Gauging Credibility
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You also want to know that you are working with a company that has a good market reputation. Remember, life settlements usually involve dealing with large sums of money, and trust is, therefore, key.
Unfortunately, this is not info you can find on the company website. Instead, you need a trusted third party. BBB is a private organization that analyzes businesses on several metrics, including integrity, honesty, customer trust, and dispute management, to name a few. And then, it assigns a score.
This rating helps the public get a better understanding of a company’s performance and trustworthiness. If the company is BBB-accredited, the more trustworthy it is. That’s because for a brand to remain accredited, it must maintain a high rating as well as meet other minimum requirements.
Assessing Customer Sentiments
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Who better to give you a glimpse into the service you can expect from a company than a previous customer? Customer reviews remain one of the best ways to assess businesses. While positive reviews can reinforce your decision to work with a company, unresolved negative reviews or no reviews at all can mean that the business is risky and probably untrustworthy.
That is why a life settlement company that values its reputation will maintain a public profile on a trusted third-party platform like BBB so that customers can leave honest reviews.
But remember, reviews are personal opinions, so they can be biased. Also, how well a company deals with disputes or bad reviews can tell you whether it is worth working with or not.
Use the Better Business Bureau to Make the Best Life Settlement Partner Decision
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Selling your life insurance is a big deal, given the money involved. So, you want to be sure you are making the right decision with regard to the life settlement company you sell to. The BBB is an excellent place to get an unbiased look at a potential company and make a great decision.
