Wisconsin Viatical Settlement does, like most States, separates Viaticals from Settlements. A viatical is the selling of a life insurance policy that insures a Terminally Ill insured who needs money now for continuing health care and living expenses. It all started with AIDS about 20 years ago and has as it’s component element, a death benefit that is usually $100,000 to $250,000. A settlement on the other hand is normally from $250,00 to no limit on the upside, 65 years of age or more and a life span estimate of 12 years or less.
A Wisconsin Viatical Settlement then, concentrates on assuring a fair transaction to the young and Terminally Ill. A new Senate Bill in Wisconsin, Senate Bil 513 is aimed at preventing fraud in the settlements market in Wisconsin. AARP is supporting the Bill because mostly it refers to the elderly. However, it is designed to protect both Settlements and Viaticals. Fines and other sanctions against fraudulent brokers and providers will occur most certainly. Licensing will be required for anyone in the transaction loop.
A Wisconsin viatical settlement law is needed for all of the settlement field. Currently a viatical settlement broker is required to negotiate a deal between the insured and a Provider who will purchase the policy. The Insurance Commissioner can revoke any licensed Broker or Provider for being dishonest, or misrepresenting the facts to the client. All records of the Broker and the Provider, must be available for inspection at anytime. Click our LIVEpdq link for a free policy review today.