Do you or a loved one have a life-threatening illness such as cancer? Are you considering a viatical settlement to help pay for associated expenses? Finding the best viatical settlement provider or broker is your next step in receiving the most cash for your policy. Before choosing between a provider and a broker, it is important to know these differences.
MORE>> What is a Viatical Settlement?
There are a number of companies that can offer life settlements to healthy, senior-aged individuals who want to sell their life insurance policy.
But only viatical settlement brokers & providers can offer viatical settlements to those with life-threatening illnesses.
To offer these settlements, viatical settlement providers and brokers must meet licensing criteria in most states.
Here’s a look at some of the most frequently asked questions about viatical settlement providers and brokers to help you determine which option is best for your current situation.
NOTE: At American Life Fund, we specialize in viatical settlements and work around the clock to help our clients achieve their financial goals. If you want to learn why we are America’s top viatical settlement company, contact us at 877-421-0148 today. You can also request a free estimate to find out what your life insurance policy is worth.
What Is A Viatical Settlement?
Viatical settlements allow someone diagnosed with a life- threatening illness to sell their life insurance policy for cash. This person is known as the “viator.”
The third party they sell their policy to is an institutional investor, usually a viatical settlement company such as us here at American Life Fund.
So to put it simply, a viatical settlement is a legally binding agreement between a life insurance policyholder (viator) with a very serious illness and a viatical settlement company.
Who Qualifies for a Viatical Settlement?
Any individual with a chronic or life-threatening illness and an existing life insurance policy qualifies for a viatical settlement. The policy can be term, whole life, universal, group, or joint.
For a policy to be eligible, it must have been in effect for at least two years and have a face value of a minimum of $100,000.
If you meet these criteria but still aren’t sure about your particular situation, you can find out instantly if you qualify using our easy online form in just a couple of minutes.
Some factors a viatical settlement company may consider are:
- Type of disease
- Stage of the disease
- Policy value
- Cost of insurance premiums
Regardless of the type of life insurance you hold, you should consider a viatical settlement if you want to enjoy the benefits of financial planning.
What Is the Difference Between a Viatical Settlement Broker and a Viatical Settlement Provider?
A viatical settlement broker is a licensed insurance professional who, in exchange for a fee or commission, negotiates a viatical settlement contract between the owner of an insurance policy and a viatical settlement provider.
Generally, brokers work with multiple viatical settlement providers to help their clients navigate the process, but their fees eat into the settlement.
In contrast, a viatical settlement company (like us here at American Life Fund) can work directly with a policy owner. A company can offer a settlement on an insurance policy, without charging extra fees or commissions.
What Can American Life Fund Do For You as a Viatical Settlement Company?
Asa viatical settlement company American Life Fund can work directly with the policyholder, which typically means we are able to offer the maximum possible payment for your viatical settlement and get you paid in as little as a few weeks.
If you want to learn why we are America’s top viatical settlement company, contact us at 877-421-0148 today. You can also request a free estimate to find out what your life insurance policy is worth.
Do Viatical Settlement Providers Need to Hold a Valid Life Insurance Provider License?
Yes, in most cases, to become a viatical settlement provider, a company or a broker must be licensed as an insurance professional for at least one year.
In some states, they must also complete a viatical settlement training course before they can be certified.
Do Viatical Settlement Professionals Have to Complete Continuing Education Courses?
Most of these rules vary from state to state, but in many cases, brokers must complete continuing education courses to maintain their license.
Professionals who work for viatical settlement companies may also have to take continuing education courses.
At American Life Fund, we believe that it’s important to stay on top of changes in the industry, so we are always learning new ways to help our clients, whether it’s legally required or not.
How To Choose The Viatical Settlement Provider That’s Right For You?
Now that you have a general idea of the requirements for these types of companies, you may be wondering how to choose a company that meets your needs.
First of all, insist that the application process is simple, thorough, and fast. Then find a company that specializes in viatical settlements as some companies’ primary focus is life settlements.
MORE>> Here’s another Guide for Choosing a Viatical Settlement Provider
At American Life Fund, we specialize in viatical settlements and work around the clock to help our clients achieve their financial goals. If you want to learn why we are America’s top viatical settlement company, contact us at 877-421-0148 today. You can also request a free estimate to find out what your life insurance policy is worth.