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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.
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 are some good viatical settlements?
Viatical settlements allow people without life insurance beneficiaries (gay men, people without families or spouses, orphans) to sell their life insurance policy for cash value while they are still alive. These are not used very popularly but grew in frequency of request after the AIDS epidemic in the sixties.
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 should I know about viatical settlement providers?
You should be aware of how long it takes your viatical settlement provider to report to you the exact status of your particular investment. You should also be sure to find out how much your viatical settlement provider charges for their fees
What is the difference between a life settlement and a viatical?
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.
Can title insurance be purchased after the closing?
If title insurance is not purchased at closing, then it can be purchased later. Generally a title insurance policy can be issued within 14 days of the closing.
How would one find a viatical settlement broker?
Someone looking for a viatical settlement broker can locate one by looking online. Also, someone could locate a viatical settlement broker by looking in their local paper for someone that can handle such a thing.
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 ladies car insurance be purchased?
Care insurance for women can be purchased from a number of major Insurance providers such as All-State, State Farm, or Geico. It can also be purchased directly from any major bank.
Is there automatic insurance on parcel post packages?
No, insurance has to be purchased.
