Viatical settlements have a colorful history. They became most popular during the height of the AIDS epidemic when mostly young single males were faced with high medical and prescription drug expenses. These AIDS patients found available funds in life insurance policies that they didn’t necessarily need upon their death. By selling the policies as a viatical, the patients were able to use the unneeded policy as a financial asset. The policies were sold for less than the death benefit, but more than the cash surrender value offered by the insurance company. The funds could then be used to cover the cost of medication and lost wages.
As medical insurance companies began to cover expenses and patients began to survive the virus, the idea of a viatical settlement lost its popularity. Viaticals also lost support from funders because of unscrupulous business deals surrounding the industry.
Today viaticals are regaining popularity because of consistent regulation protecting the consumer and the industry as a whole. Funders are regaining their confidence in investing in the new viaticals of today.
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