Qualifications of getting a Viatical Settlement

There are certain qualifications that makes someone eligible for viaticating his/her life insurance policy. These requirements have to do with the life insurance plan that is in question and the patient's health status.

The life insurance policy that is being sold must be at least two years old, and the company must be well-rated, with a ranking of at least B+. The minimum value for a policy to sell is $50,000, unless there are several small policies in question that equal more than $50,000. The policy owner does not necessarily have to be the insured, as long as the owner has an interest in the life of the insured.

The health standing of the viator is an important part of the decision-making process. The life expectancy of the patient must be less than seven years. Some companies do not make an offer unless the life expectancy is five years or less. Patients with any type of terminal illness, such as cancer, heart disease, AIDS, or any other disease that is life threatening, are considered for an offer.

If a patient meets all of the qualifications, the application must be completed and the medical records collected for an evaluation to be completed and an offer to be made.