A life insurance viatical settlement is the sale of a life insurance policy to a third party when the insured has a terminal illness with less than twenty-four (24) months to live. The third part will pay the owner of the policy a percentage of the death benefit and then take over premium payments until the demise of the insured.
A life insurance viatical settlement is not the only option for a terminally ill individual; they also have the option of accessing some of the death benefit from the insurance company. In order to do this the policy owner must contact the insurance company to find out what they require and how much they can receive of the death benefit as the amount that they can access is company and policy dependent. It is important to note that the premium may still need to be paid by the owner until the demise of the insured. At the demise of the insured the beneficiary of the policy received the remainder of the death benefit.
A life insurance viatical settlement may not be your only option; that is why it is important to have an experienced agent to help you work through all your options. Click our Livepdq
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