A viatical settlement broker
is a life settlement broker that helps policy owners sell life insurance policies to a third party where the insured has a life expectancy of less than two years due to a catastrophic or terminal illness.
A viatical settlement broker helps you the policy owner through every step in the life settlement process. They gather all the insured’s medical records, purchase the life expectancies that are required by viatical settlement companies, obtain the proper insurance illustration from the life insurance company and the policy summary or verification of coverage from the life insurance company. The viatical settlement broker will then act as an intermediary with the life settlement company and the policy owner to obtain the highest possible purchase price for the life insurance policy.
The viatical settlement broker will receive the contracts for the sale of the policy and help the policy owner understand and complete the contracts and explain the other requirements to complete the sale. Once the documents are complete the viatical settlement broker works with the life insurance carrier to help expedite the owner and beneficiary changes that are required in order for the policy owner to receive their sales proceeds.
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