Viatical Settlement Insurance Quotes
A viatical settlement means the selling of one's life insurance policy in exchange for an immediate percentage of the death benefit. Viatica is a root word derived from the Eucharist given prior to the last rites at a person's death. The person or the group of persons buying the rights to the policy have high expectation of the imminent death of the previous owner. Regarding how time affects this type of insurance product, the sooner the death occurs of the previous owner, the higher the profit for the new owners of the life insurance policy.
What Viatical Settlement Insurance Is Not
Consumer knowledge about this subject is poor, and little is known about the entities that fund the companies that purchase policies. The companies provide early payouts to the policyholder, assume the premium payments, and collect the face value of the policy upon the policyholder's death. Therefore, you should not expect any benefits upon fulfillment of the previous policyholder's death.
Who Needs Viatical Settlement Insurance?
People should be very careful when considering the sale of their Life Insurance policy, and they should remember a sale of their Life Insurance means some group of strangers now owns a contract on their life. If a senior finds it difficult to pay for an insurance policy, it might be a better choice to request that current beneficiaries take over the burden of paying the premium. An insurance firm will buy that Life Insurance policy at a steep discount from policyholders who are often terminally ill and need the payment for medications or treatments.
Things to Consider
The practice of selling personal Life Insurance policies is common in the United States, and it is now expanding into Canada.
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