If you're looking into potentially selling your life insurance policy, you may have come across the term, Viatical Settlement.  A viatical settlement is the same type of concept as a life settlement, but has a slightly more specific definition.  And if you're just getting started, a Life Settlement is the sale of a life insurance policy to a 3rd party in exchange for a lump sum of cash valued greater than the cash surrender value of your policy and less than the death benefit.  The 3rd party continues making your premium payments until they collect the death benefit when the time comes.  

The viatical settlement definition refers to the sale of a life insurance policy when the owner is terminally or chronically ill, and is given 2 - 4 years to live.  Life Insurance policies sometimes have an Accelerated Death Benefit Rider, but isn't typically available until someone has less than 12 months to live, and you may need money sooner to help pay medical bills and living expenses.  Depending on your policy and situation, you should look into whether or not you have the accelerated death benefit rider and if you can get access to it with timing that works for you.   

When someone is terminally ill, in the viatical settlement definition they're given 24 months or less to live, whereas someone who is chronically ill is in more of a Long Term Care situation.  These are important details as they may affect how your settlement is taxed, and it's important to consult a tax advisor to determine if your potential settlement is subject to any income taxes.  

The best way to get started would be to speak with our team to see if your case qualifies for a viatical settlement or life settlement.  If you do qualify, then we'll begin the process of appraising, preparing, and presenting your case to as many investors as we can, and present you with the highest bidder with no obligation to settle.  Send us an email with your details or request an appraisal today to avoid paying more premiums than you want to.