A separate viatical settlement license is required in some states, while other states require only that the settlement provider obtain an agent’s license and notifies the department of insurance in regards to any and all settlement activities.
Most individual agents do not obtain a viatical settlement license as the settlement provider they work with is already licensed and serves as the actual agent of record on the case.
In the state of California, for example, anyone who purchases life contracts must have a viatical provider’s license and anyone who assists in the sale of life insurance must have a viatical broker’s license. A viatical settlement license costs $3383. Viatical settlement transactions deal with individuals that have less than two years to live and have more requirements than the typical senior life settlement.
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