What is the difference between a broker and a provider?

The Viatical Settlement process requires a provider to execute the sale of the life insurance policy. Sometimes a broker, or provider representative, also assists with the logistics of the sale.

The provider has the interest of the investor in mind. They work to get the investors the most money for the policy, sometimes leaving the seller with less money than they deserve. A broker has the interest of the viator in mind. They work directly for the seller to find the best offer by researching several different providers and shopping around to find the most inviting deal.

Regardless of whether it is a provider or a broker that is working with you on viaticating a life insurance policy, they are required to keep all financial, medical, and personal information confidential, unless otherwise authorized by the patient in writing. Both brokers and providers are also required to be licensed by the California Department of Insurance to assure they are following proper procedure and adhering to the industry's regulations.