The Third Party, Known As A Viatical Provider, Assumes Responsibility For All.
A viatical settlement is provided for terminally ill individuals with a life expectancy of five years or less. The provider must also be a regular purchaser of life insurance policies and abide by specific requirements agreed to in the viatical settlements model act. (libi) is a brokerage firm representing multiple viatical settlement and life settlement buyers.
The Owner Or Certificate Holder Of The Life Insurance Policy (The Viator) Sells The Policy For An Immediate Cash Benefit.
This means that providers are required to pay a certain amount of the policy’s death benefit based on the policyholder’s life expectancy and meet specific operating standards. 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. That means the seller is no longer responsible for the policy premiums.
If You Have A Terminal Illness, You May Consider Selling Your Policy To A Viatical Settlement Company For A Lump Sum Cash Payment.
These settlements can be made with almost any type of life insurance, including term, permanent, and joint policies. This investor becomes the beneficiary of. Viatical settlements involve the sale of a life insurance policy.
What Is A Viatical Settlement?
Advantages of a life insurance loan. With a viatical settlement, you purchase the policy (or part of it) at a price that is less than the death benefit of the policy. A life insurance loan offers several unique advantages over other life settlement options.
Similar To A Life Settlement Transaction, A Viatical Settlement Provides The Policyholder With A Lump Sum Of Cash That Is Usually Four Or More Times Greater Than The Policy’s Cash Surrender Value But Less Than Its Face Value.
Affordable, flexible term life insurance at your pace. When you call, it is greg and lisa who you will talk to and work with from the beginning. Through a specialized service called a viatical settlement, life insurance buyers, inc.