Who Can Offer a Viatical Settlement?
Do you have a life-threatening illness such as cancer? Considering a viatical settlement? Wondering what type of companies offer viatical settlements? Well, there are a number of companies that can offer life settlements or the sale of a life insurance policy usually involving a healthy, senior-aged individual. However, only viatical settlement companies can offer viatical settlements. To offer these settlements, these companies must meet licensing criteria in most states. Here’s a look at some frequently asked questions about some of the elements these companies must have in place to legally offer viatical settlements.
What Is the Difference Between a Viatical Settlement Broker and a Viatical Settlement Company?
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 companies to help their clients navigate the process, but their fees eat into the settlement. In contrast, a viatical settlement company can work directly with a policy owner. They offer a settlement on their insurance policy, and don’t charge extra fees or commissions.
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. Before working with any company, you may want to make sure they are well established by reading reviews or looking at the about us page on their website.
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 Should You Choose a Viatical Settlement Company?
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. Find a company that specializes in viatical settlements as some companies primary focus is life settlements. Then, look for great reviews and endorsements from previous clients.
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.