Is the Viatical Process Confidential?
As identity theft continues to rise, it is crucial that you take safety precautions to protect your personal information. Because a viatical entails the exchange of sensitive information, it is important to work with a company that values confidentiality. The best viatical settlement companies already have safe handling practices in place. During the settlement process, insurance policy information and medical records are attained and reviewed, so it is important to know what policies your viatical company has in place to protect your confidentiality. In some circumstances, as a part of the process, the company must share your information with their affiliates, therefore it is recommended that when you choose a company, you ask them what information will be shared and with whom, to ensure that your information is protected.
What Information Do I Provide During a Viatical?
When working with a company to sell your life insurance policy, there are different pieces of information you must provide. First, when completing the initial application, you must include personal details such as your mailing address and contact information. In addition, basic policy information such as the insurance company, policy type, face value, and the premium payment amount are required. If you don’t know this information offhand, you can include what you do know and the company can verify the remaining information with the insurance company later.
In terms of medical information on the viatical application, you are asked to provide the name of the medical specialists you see, their office addresses, and their contact information. This allows the viatical settlement company the ability to reach out to your doctors directly to obtain any additional information needed for underwriting. As part of the application, you will also be asked to complete a HIPAA that gives the company authorization to speak with and obtain medical information from your doctors.
How Do Companies Protect My Privacy?
When a company handles a client’s personal information, it’s important they have both internal and external safeguards in place to protect these details.
Internally, this means making sure only certain employees are able to access this information, wherever it lives. If there are hard copies of this information that means making sure they’re stored in a locked, secure area. If these are digital copies that means having them password-protected so that only authorized personnel can access them.
When dealing with outside factors and client privacy, it’s vital that employees are trained to only speak to authorized third-parties such as the doctors the client has listed on their HIPAA as well as the insurance provider they have listed on their application.
At American Life Fund, we protect your privacy as if it were our own. We use the above described safeguards to make sure your information is kept private and only shared with the necessary, specified parties. We have been assisting clients with viaticals for years and have the utmost care for maintaining your confidentiality.
To learn more about how the viatical settlement process works, call us today at 877-959-5855 or get your free quote to see how much your policy is worth!