What Is the Process of a Viatical Settlement? 

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Viatical Settlement Process

Viatical Settlements are a way for terminally ill individuals to take an investment and turn it into cash they can use now. At Settlement Benefits Association, we help you get your settlement in three steps so you can begin funding your medical bills, travel, or anything else.

Step 1: Informal Discussion

Before we start the Viatical Settlement process, we discuss your unique situation and conduct a free policy evaluation. During our evaluation, we can give you an idea of how much you can expect from your settlement. Once we have answered all your questions and are on the same page, you have the option of deciding to move to the next phase and completing a preliminary life insurance appraisal request.

Step 2: Analysis and Negotiations

During evaluation and negotiation, we go through your policy line by line and devise a strategy to maximize its value. We also request mortality analysis from underwriters.

Once we have everything we need, we will reach out to our contacts and see which ones are interested in becoming potential buyers. We will present your case to those interested in bidding. Then, those parties will submit their bids. We will negotiate with them to get you the best value.

Once we have what we believe is the best offer, we communicate that to you. You are under no obligation to accept the offer or sell your policy.

Step 3: Review and Settlement

If you accept the offer, the next step is to order a contract from the winning bidder. We will send the contract to you for review and answer any questions or concerns. If you agree with the terms, you and any other involved parties sign the contract and return it to us.

When we receive the signed contract, we review it. The buyer and escrow facility also review the final contract. If there are outstanding items, we collect them and complete a final review. 

After the final package has everyone’s approval, we submit change of ownership and beneficiary forms to your insurance carrier. Upon confirmation of the change of ownership and beneficiary, you receive your cash settlement.

Once your settlement is finalized and delivered, you have a short rescission period. During this time, if you decide for any reason you want your policy back, you can exchange your payout for the policy without question. This period varies by state, but it is generally about 15 days. 

Start With Your Free Policy Evaluation

Settlement Benefits Association wants to ensure you get the full range of benefits when you sell your life insurance policy. From the moment you submit your policy for evaluation, our team will work with you, answering your questions and easing any concerns. As a licensed settlement broker, we will guide you through each step.

Connect with our team today to get started.

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