Options for Your Life Insurance
What is a Viatical Settlement?
A viatical settlement is a specific type of life settlement that involves individuals who are suffering from a terminal illness. The transaction is usually made tax-free by the IRS, as long as the insured meets certain criteria stated by a medical professional. At its core, a viatical settlement is essentially the same as a Life Settlement, with the major difference being the insured is living with a serious illness and has a life expectancy of less than two years. A Viatical Settlement is a legal and viable option for individuals suffering from a terminal illness to sell their life insurance policy for an amount that is more than the cash surrender value but less than the claim amount.
Below you will find a quick primer on what a Viatical Settlement is. However, we have also built an In-Depth Settlement Guide for those that want to deep dive into research on the industry. We are also always happy to answer your questions at 800-561-4148.