Viatical Settlements

About Viatical Brokers

What is a Viatical Broker?

A viatical broker is an individual or company that helps the seller (you) complete the application, obtain required medical records, and a copy of your insurance policy.They also negotiate for the highest offer on your life insurance policy. Brokers are also available to answer any questions you have during a settlement. Brokers also perform some of the underwriting needed to determine an offer.

In order to do business in many states, the viatical broker must be licensed. If you state has licensing requirements, contact your local department of insurance for a current list of licensed viatical companies. If your state has no licensing, consider doing business with a company that has licensing in other states.

Things Viatical Brokers Do

• Viatical Brokers negotiate with funding companies to get the better offers
• Viatical Brokers are required to work in the best interest of their clients
• Viatical Brokers help viators obtain information needed to get an offer

Things Viatical Brokers Do not Do

• Viatical Brokers do not actually buy the policy. The funding company purchases the policy.
• Viatical Brokers do not send the payment for the policy. After an offer is accepted a viatical broker may assist, but does not present payment to the seller. The funding provider handles payment.
• Viatical Brokers by law are not allowed to charge any fees to the seller.

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