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The Process Of Selling A Life Insurance Policy

The Offer Stage

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After underwriting has been completed, the purchaser or broker will either make an offer to you or indicate that an offer cannot be made.

You are never obligated to accept an offer that is made. However, you generally must respond to an offer within two weeks if you are interested in the price being offered. Many companies do not hold an offer open beyond two weeks without a valid reason.

If you are uncertain about accepting an offer but wish to keep the offer open, before two weeks are up, ask that the company send a contract to review. Even if you decide not to sign the contract, you will have bought yourself a little time.

Review every word of a contract before signing.

You have the right to change your mind about an offer you accept:

  • At any time during the sale process until a contract is signed by both parties.
  • In most states where the purchaser is regulated, you have up to 15 days after a sale is complete to rescind it. In unregulated states, you may only have three days to rescind the contract.

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