- “The sale of an existing policy by a third-party in which the insured is terminally or chronically ill. Terminally ill is typically defined as 24 months or less, and is determined by a third-party life expectancy company. Chronically ill can be as high as 48 months. The definition of who qualifies for a viatical settlement varies by state. The money you receive may be used however you wish and is generally tax-exempt.”
The process of selling your life insurance usually takes a minimum of four to six weeks from receipt of your information through the payment of funds. Using a viatical settlement broker helps ensure you get the maximum value for your policy.
Who Is Eligible?You may be eligible for a viatical settlement at any age if your life expectancy has been reduced by a serious or chronic illness or if you are over the age of 75 with complicating health factors.
When the Insured is expected to live only 24 months or less, the payment is called a Viatical Life Settlement. There is no federal taxation when the policy sale qualifies with ß101(g) of the Internal Revenue Code, which requires written medical certification.
Without this Two-Year Letter, the payment is called a Life Settlement. Finally, when the Insured is age 65 or older, it is called a Senior Settlement.
Considering Viatical Settlements through a Viatical Service
Terminally ill Insureds are fighting for their lives, and quite often have severe financial problems. Receipt of the Viatical Settlement cash from a viatical settlement company opens up new opportunities for different medical treatments, travel, and hopefully even some fun. Some Insureds use their viatical life settlement from their viatical broker to pay off old debts, arrange for the orderly transfer of assets or business interests, or make bequests while alive.
Eliminate Premiums and Keep More of Your Money
In addition to eliminating the payment of premiums, a typical Viatical Settlement from a viatical settlement company yields two to three times more money than by surrendering a Universal or Whole Life policy. Term policies have no cash surrender values at all. As a viatical service we understand those who are facing a life-threatening illnesses like AIDS or Cancer fight every day to simply maintain life itself. This struggle is overwhelming enough, without the burden of financial hardships.
Peace of Mind With Viatical Life Settlements
The battle against terminal illness can ravage the life savings of entire families. Most frightening, many individuals facing life-threatening illnesses eventually lack the financial resources even to pay for basic health care or secure housing. A viatical settlement allows someone facing a terminal illness to collect their death benefit in advance of death, easing financial burdens to create peace of mind.
To make choices they might not otherwise have, such as paying for alternative medical treatments, keeping their home, or sharing funds with family, friends or favorite charities. They might even need the funds to meet day-to-day living expenses. Viatical Settlement funds may be used for any purpose, without restriction.
There is no require for an application fee, invasive interviews or physical examinations; You must complete a confidential application.
Offers are based on a number of factors, including life expectancy, premium obligations, and prevailing interest rates. We consistently exceed the guidelines suggested by the National Association of Insurance Commissioners, providing settlements of up to 75 percent of a policy’s face value.
We know it is important for you to access your viatical settlement as quickly as possible; therefore, all funds are placed in escrow for immediate release upon completion of the process.
When you consider any option that touches your life and the lives of those you love, it’s important to have as much information as possible.