The Process Of Selling A Life Insurance Policy

To begin the process of selling a life insurance policy you will need to complete an application with a broker or directly with a purchasing company.

You will be asked to provide:

• Personal information including your name, address, phone number, Social Security number and date of birth.
• Information about your life insurance policy including policy number, name of insurance company, date of issue and name of beneficiary.
• A copy of the policy. It is okay if you do not have a copy of the policy when you apply for a sale. Check with the purchase to find out if you will need a copy before the final sale. Many purchasers will accept a recorded Lost Policy Affidavit from you and a "Confirmation of Coverage" from the insurance company if a policy copy cannot be obtained. Otherwise, check to see if you can get a copy from the insurance company or the group through which you have your insurance, such as your employer.
• Information about your current medical condition, including:
• Your diagnosis
• Date of diagnosis
• Your doctor's name and address
• Complete medical records for the past two years.
• Authorizations for the release of both medical information and insurance information. The medical release must comply with the requirements of HIPAA so the doctor's office can legally give information to the purchaser. (To learn more, see HIPAA.) Both of these documents will need to be notarized. Don't be surprised if the authorization is for life instead of for a set period of time. It is also not uncommon for the authorization to be in the form of a Durable Power Of Attorney which authorizes the purchaser to update the insured's medical status. If a Durable Power of Attorney is required, be sure it is limited to only authorizing the purchaser to update the insured's medical records.

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