Viatical Settlement Broker
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The information you need about viatical settlement brokers.
What is a viatical settlement broker?
Viatical settlement brokers are state licensed professionals who represent life insurance policy holders in the viatical settlement process. Brokers must be licensed in the home state of the policy holder.
Viatical settlement brokers do not represent viatical settlement providers but rather represent the best interest of the policy owner and act on their behalf to negotiate the best offer in the viatical settlement process. For this service viatical settlement brokers routinely charge 30% commissions on the settlement offer.
Given the high commissions that viatical settlement brokers can charge it makes sense to explore all of your options when selling your life insurance. Many viatical settlement providers work directly with life insurance policyholders.
Viatical settlement definition
“Viatical settlement” is the term used to define a life insurance settlement where the insured party is terminally or chronically ill. In a viatical settlement transaction the life insurance policy holder transfers ownership to a third party. The former policy holder is no longer responsible for the policy premiums and receives a cash payment that’s larger than the surrender value of the policy. The third party, known as a viatical provider, is now responsible for all expenses related to the policy.
At Mason Finance we aim to simplify the viatical settlement process with our estimate calculator and seamless application. After you apply we’ll take it from there matching you with viatical providers that are licensed to purchase policies in your state.
Gone are the days when a policyholder needed a viatical settlement broker to navigate the process. Get your estimate today with absolutely no obligations.
Does a viatical settlement make sense?
Common reasons you might consider selling your life insurance:
You can no longer afford your insurance premiums. A viatical is a great way to avoid letting your policy lapse if you can no longer afford the premiums which can often be the case with increasing medical bills. Letting your policy lapse can lead to little or no payout depending on the policy type.
You no longer need to protect against income loss. Another reason to sell your life insurance is that you no longer have a spouse or children that would be dependent on the claim in the case of your death.
Your term policy is approaching it’s expiration date. Term policies typically expire with no cash value and expensive replacement costs. If your term policy expires in the near future it may make sense to convert it into permanent insurance and then engage in a settlement.
You are looking to enjoy your last days. A viatical settlement allows you to supplement your income so that you can really enjoy the rest of your living days. Take on your bucket list.
Am I eligible for a viatical?
Health: Viatical settlements are for people who are terminally or chronically ill. Generally this means a person with a limited life expectancy.
Policy Type: Universal, whole, and term life insurance policies are all great candidates for a settlement.
Policy Size: Policy size should be at least $100,000 of face value.
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