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How to enter into a viatical settlement.
Once all other options of funding have been explored, and viaticating your life insurance policy has been decided on, a reputable and trusted broker or provider must be located. The next step is the application process, where fundamental demographic information and all medical files will need to be released. Once the information is gathered, the evaluation process must be conducted, where physicians review the case.
After all information has been collected and the evaluation process is complete, if qualified, an offer will be made. This figure is based on several elements, such as the premium price, the insurance company rating, the life expectancy of the patient, and the policy's provisions. Companies generally pay between 50-85 percent of the value of the actual policy.
If everyone is in agreement and the offer is accepted, a viatical settlement contract will be signed. After the policy is sold, all money is then distributed through a secure channel, such as a wire transfer, to ensure the viator has immediate access to the proceeds. The entire process, from the application process to receiving the settlement takes approximately four to six weeks.
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