A Texas viatical settlement is a form of life settlement. The life settlement industry is roughly estimated to grow up to 15 billion dollars per year by various associations like the Life Insurance Settlement Association, or LISA as it is sometimes referred as. Viatical settlements are one very small type of settlement within the much larger scope of life settlements. Viatical settlements primarily have to do where the insured is an individual whose life expectancy is estimated to be less than two years and there are many government rules and regulations and they vary by state as to how these settlements can be transacted.
The larger life settlement industry is basically where an individual age 70 and plus decides to sell their life insurance policy so they can receive a lump sum of cash now as opposed to making premium payments for rest of their life and receiving a tax free distribution from the life insurance company at maturity. A Texas viatical settlement can be a tricky because of the regulations in that state.
To complete a Texas viatical settlement, where there are regulations and restrictions, or in other states where there are not as many regulations the steps are pretty much the same.
1-Fill out a HIPPA form so we can gather your medical information
2-We order to life expectancy companies from third party actuarial companies at our cost
3-We compile all of the information together and shop it internationally to the largest banks in the world
4-We get the highest bid for your family to consider which one you would like to close with
5-We close quickly and efficiently through the complex life settlement closing process
To learn more about how a Texas viatical settlement works, life settlements in general or to receive a free no obligation policy evaluation click on LIVEpdq today.