A Virginia viatical settlement is for all intents and purposes the same as any viatical settlement done in the United States. Virginia does not have a separate viatical settlement act that dictates sales procedures in their state.
A Virginia viatical settlement is the sale of a life insurance policy on an insured who has a chronic illness or who is terminally ill. Terminally ill is defined as having less than twenty-four months to live and chronic illness is defined as being permanently and severely disabled.
A Virginia viatical settlement will generally produce an amount of money greater than the policy cash value and less than the policy face amount.
In some instances, it makes more sense for the insured/owner of the contract to borrow funds from the policy or to make a loan using the contract as collateral. Most viatical settlement brokers have a connection with a lending facility that would be familiar with such a transaction.
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