Viatical Advocate

What is the Viatical Process?

In order for an offer to be presented to the seller, an application needs to be completed. Also required is a copy of the life insurance policy and medical records from the seller's specialist(doctor). Depending on the funding company, they may require medical records that go back anywhere from six months to ten years.

• After this information is received, verification of insurance coverage is completed, then LE companies perform underwriting which takes approximately 7-10 business days.
• Once completed paperwork is sent out to several funding companies, who then determine their offers.
• Then all offers are received and the highest one is then presented to the seller
• If the seller agrees, closing documents are sent to the seller and the agreed upon settlement amount is placed in escrow.
• Once the documents are returned and the transfer of policy ownership and beneficiary are confirmed. The agreed upon amount is released from escrow and transferred to the seller.
• The funding company now becomes the owner and beneficiary of the policy. They are required to make all future premium payments.

Viatical Settlement Process Recommendation (Viatical Brokers)

The viatical settlement process can be complicated on your own. It is recommended that when taking part in one, that you use a licensed viatical broker. A viatical broker is an individual or company that helps the seller (you) complete the application, obtain required medical records, and receive several offers on their life insurance policy. They are experienced with the process below and can save time. Also by law they cannot charge a fee for their services. They also provide protection for you, so you get the highest amount for your insurance policy.

Should I do a Viatical Settlement?

Viatical settlements provide a way for the chronically ill with life insurance to get money. Common reasons people take part in viatical settlements are because they cannot afford their life insurance premiums or need some extra money to cover their expenses. If you fall into either of these categories, a viatical settlement may be right for you.

If you have any questions or concerns regarding viatical settlements or would like to get some advice regarding viatical settlements, please feel free to send a request.