Viaticals are the act of selling a life insurance policy for cash. Viaticals are different from a life settlement because the insured must be declared terminally ill by a licensed medical doctor. The insured need not be of a certain age, but have a life expectancy of less than 24 months. However, be aware some States do not make this distinction in their new legislation. It is common to see the term viatical include both a viatical and life settlement and refer to them as one in the same.
Viaticals can be beneficial to a terminally ill person who is experiencing high medical costs, lost wages and those who want to maintain a comfortable way of life before they pass away. One of the biggest concerns of a person who is terminally ill is the medical expenses they face and the fear of leaving their family in financial ruin.
A viatical gives the terminally ill the option to sell their life insurance policy for less than the death benefit, but more than the cash surrender value for funds that can be used today.
Click the LIVEpdq link for a free viatical or life settlement evaluation today!