Viatical settlement companies like American Life Fund can finalize a purchase agreement for your life insurance policy within days, via efficient service of process, which allows you to use your viatical payout any way you want when you want. We can guide you through this quick and easy process.
STEP 1: QUALIFY INSTANTLY
First, find out instantly if you qualify. Then, discuss any questions or concerns you have about viator’s eligibility with one of our human services counselors and financial advisors.
Conversations with our professionals can help you determine if you want to complete our easy settlement process. Residents of different states will need to find a viatical settlement purchaser in their own state.
STEP 2: TWO-PAGE APPLICATION
Filing of an application begins when each applicant submits a short, three-page application and a separate document with any relevant personal information to verify the insured’s identity, medical records, or life insurance policy information they have along with an acknowledgement that all information is accurate.
Viatical settlement providers or brokers record the date of the proposal and review/verify this information. Rejections may be based on incomplete applications or misleading information about the insured’s health status, a pattern of unreasonable payments, as well as the applicant’s conduct in general. In cases of acceptances, the written designation of an agent will confirm the settlement.
STEP 3: REVIEW OFFER
Once the due diligence period of collecting and substantiating all the medical information and policy information collected, the viatical settlement broker or company offers you a figure for your policy. After you accept the offer, you or an affiliate signs and sends back the paperwork and written agreement of the viatical settlement contract to give irrevocable consent of the transaction.
STEP 4: ACCEPT PAYOUT
Once the signed viatical settlement contracts are thoroughly reviewed, a request to change the beneficiary of the policy is submitted. Once this change of beneficiary and bequest of the death benefit has been completed, the release of funds is authorized, and you receive a substantial lump sum for your policy as the viatical settlement purchaser becomes the new policy owner. The final date of the transaction will then be recorded following execution of the contract.
USE FUNDS AT YOUR DISCRETION
Monthly premium payments are no longer your responsibility, and you can use your payout the way you want. It’s that simple. Since they’re tax free, you won’t have to look out for anything like a group certificate from a group administrator showing how much was withheld.