First, enter your personal details and contract information into a digital form from the provider you have selected. This includes data such as your contact details, the contract number (possibly on a contract document), the insurance company, the term of the contract or the current value and the current surrender value.
You then give the provider permission to verify your data with your insurance company and, if necessary, request additional relevant information. After you have signed the power of attorney and sent it to the buyer along with a copy of your insurance document, you will receive a purchase offer.
If you decide to accept the offer or contract, send the signed purchase agreement and your life insurance contract document to the buyer. The buyer then takes care of the formal transfer of the contract to the insurance company and transfers you the purchase price from the agreement. This process usually takes three to eight weeks.
For larger sums you have the option to handle the sale through a neutral trustee. This service costs a small additional amount, but ensures that you actually receive your money. The sales process is supervised by the trustee, who only passes on the contract document to the buyer once you have received your money safely according to the agreement and the contract has been concluded.
After you have sold your life insurance policy, you should remember to cancel the relevant standing order with your bank through which you have previously paid the premiums. If you forget to do this, the buyer will usually refund you the overpaid premiums.
An important note: Even after the insurance is sold, not all obligations end. In the event of a death, this must be reported immediately to both the insurance company and the buyer.