Viatical Settlement New York

Many New Yorkers use their viatical settlement proceeds to pay for medical or home assistance, ongoing nursing care, or to ease the burden of living costs in high-expense areas like Westchester or Long Island. Others choose to set aside money for a family member, fund travel for treatment, or simply create time to live more freely. Once the payment is made, the money belongs entirely to you and can be used for whatever matters most.

Yes. A group life insurance policy can often qualify for a viatical settlement once the person owning the coverage, typically the employee, separates from the employer. In those cases, the policyowner’s assignment or viator’s assignment transfers ownership to American Life Fund or another eligible party. The process is straightforward and handled in accordance with New York State Department of Financial Services (DFS) requirements.

You can still qualify. If there’s a loan or other claim against the policy, that amount is simply deducted from the settlement offer. In some cases, the purchasing entity pays the balance directly to the insurer, and you receive the remaining funds. You’ll never need to manage extra paperwork or chase multiple parties, the entire transaction is completed through a single, clear agreement.

After you submit your application form and medical documentation, most New York viatical settlements are completed within a few weeks. The viatical settlement company then issues the full lump-sum payment, typically by wire or certified check. You’ll also receive a written notice summarizing the terms, as required by state regulations, ensuring that every step remains transparent.

New York requires every issuer and company operating in this space to follow DFS compliance standards. These include detailed disclosure forms, cooling-off periods, and strict data-privacy practices. You receive the most recent version of each disclosure before signing, so you fully understand your rights, the responsibilities being transferred, and the value of what you’re selling. American Life Fund views these rules not as red tape but as a form of assistance, they exist to protect you and your beneficiaries.

Yes. While many participants have a life-threatening illness, eligibility isn’t limited solely to catastrophic conditions. The determining factors are the insurance policy’s face value (minimum $200,000), the person insured, and whether the agreement provides a fair market value for that policy. Each case is reviewed individually to reflect your personal circumstances.

Once the transaction is complete, the beneficiary named on your original life insurance contract no longer receives the final payout, since ownership transfers to another party. However, many individuals choose to give part of their large lump sum cash payment to family members directly, using the settlement money to support loved ones now rather than later. This gives you power and control over how your legacy is managed.

Because our team combines clarity, experience, and compliance. We act with full respect for New York’s consumer protections, and every client receives personal guidance from start to finish. No brokers introducing viators for hidden fees, no delays, and no vague terms, just a clear, lawful, and supportive transaction carried out in accordance with DFS standards.