Useful Information About Viatical
Viatical is the sale of a life insurance policy by an individual who is terminally ill to a third party, in return for a percentage of the face amount of the policy. A “viator” is the person selling the policy, and the process is known as “viaticating” of the policy.
People take part in viatical settlements because they cannot afford their life insurance premiums, or they need some extra money to cover their expenses. If you are facing either of the situations mentioned above, a viatical settlement may be right for you.
Tools For Life Settlements
As the education of life settlements continues to grow, it is important for consumers, financial professionals, and insurance agents to prepare themselves with the tools to maximize their life settlements.
Life Settlements, also known as life insurance settlements or senior settlements were spawned from the viatical settlement method. A life settlement is the sale of a life insurance policy covering a person who has a limited life expectancy — normally 10 years or less. Life Settlements are usually geared to seniors 65 and older, and can offer a much better option than lapsing or surrendering a policy back to the insurance company. Life Settlements allow consumers access to a secondary market for an insurance policy that may be underperforming, unwanted, or no longer needed.
