The Process Of Selling A Life Insurance Policy
Transfer Of Title And Getting You The Money
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Once you return contracts to a purchasing company:
- The purchaser places the purchase funds in escrow -- typically within three days of the purchaser's receipt of your copy of the signed contract (particularly in regulated states.) The seller can contact the escrow agent to confirm that the money has been transferred.
- The purchaser then submits a "change of ownership" and "change of beneficiary" form to your insurance company for the actual transfer of ownership to take place.
- How long it takes the insurance company to change ownership depends on the insurance company. The length of time can vary dramatically depending on the insurance company. Since you are still the owner of the policy until the insurance company changes title to the purchaser, if you would like, you have a right to contact the insurance company yourself during this process and ask to expedite the changes.
When the purchaser receives written confirmation that the changes to the policy have taken place, the escrow agent will release your funds to you in the manner and in the name that you have requested (usually via wire transfer or certified check).
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