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What is the difference between a life settlement and a viatical?
Wiki User
∙ 16y ago
A Life settlement is generally the sale of a life insurance policy on an insured that has a life expectancy of 2 years or more. A Viatical settlement is on an insured that has a life expectancy of 2 years or less. Contact me at LeveragedSolutions@gmail.com if you have additional questions.
Wiki User
∙ 16y ago
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Who is the best viatical settlement provider?
Farming Hills is a great Viatical settlement provider. You can also try Peter Mazonas, Life Settlement Financial.
Where can viatical insurance be purchased?
Viatical insurance does not exist. Viatical settlements can be bought from most insurance companies who deal with insurance. It is a settlement buying the life insurance so that an immediate sum of money is made available as a lump sum.
How can one sell their life insurance policy?
One can sell their life insurance policy and this is called Viatical Settlement. An insurance company sells insurance policy to a person. This person (viator) sells his policy to another person (viatical settlement provider). When the first person dies, the second person will benefit and cash in the money.
Application fee for viatical settlement provider in IL?
The cost of a Viatical Settlement Provider License in IL, as of February 2010, is $3,000 however; you must first obtain a life insurance license from the state of Illinois. If Illinois in not your resident state, you must hold a life insurance license in your resident state before applying for a nonresident life insurance license in Illinois.
What is the connection between patients suffering from AIDS and viatical settlements?
A viatical settlement is the sale of a life insurance policy to a third party for more than its cash surrender value, but less than its death benefit. The policy owner gets a lump sum, while the third party gets the ownership of the policy, pays the monthly payments, and collects the full sum of money when the insured dies. During the 1980's, most victims of AIDS were gay men who did not have legal spouses or children. A viatical settlement allowed the insured to receive money during their lifetime while allowing them to name someone of their choosing as a beneficiary of the life insurance settlement.
Where can one information about viatical life settlements?
One can find information on Viatical life settlements from these sources: Wikipedia, Insure U Online, Florida's Department of Financial Services, Maine Government, Viatical, Securities and Exchange Commission.
What does Viatical settlements mean to life insurance?
Viatical settlements, or life settlements, are done when people have a terminal illness. In such a case, the person will sell their life insurance policy to obtain ready to use cash.
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