What Is A Viatical Settlement?

A viatical settlement is a life settlement for the terminally ill or those who experience severe chronic illness. As is the case with a life settlement, a viatical settlement provides policyholders with the ability to use the proceeds from the sale of their policies while they are living and as they see fit. The policyholder receives a lump sum payment that is less than the death benefit, but more than the cash surrender value and typically higher than the payment received for a life settlement.

Who qualifies for a viatical settlement

A terminally ill policyholder is someone given a life expectancy of fewer than two years. A chronically ill policyholder is someone limited in their ability to perform two or more activities of daily living such as bathing, eating, dressing, or going to the bathroom on their own.

What are the differences between a life settlement and a viatical settlement

A life settlement is designed for life insurance policyholders typically 70 years or older. A viatical settlement is a life settlement specifically for the terminally ill and chronically ill. Both make it possible for policyholders to receive a cash payout while living. However, viatical settlements are often worth two to three times as much as life settlements due to the policyholder’s limited life expectancy or quality of life. The proceeds from a viatical settlement often provide policyholders and their families financial freedom when they need it most.

What are the benefits of a viatical settlement

There are no additional fees when it comes to a viatical settlement payout, and you can use the cash for whatever you need. From covering medical expenses to ensuring your affairs are settled. Viatical settlements provide a lot of comfort at a time policyholders and their loved ones need it most.

Viatical settlements should only be handled through experienced companies that use reputable providers. MRE Finance are experts and walks you through the process with ease and dignity. Contact us to find out if you qualify for a viatical settlement or get a free estimate of the value of your policy using our online calculator.  https://www.mrefinance.com/get-a-free-estimate/

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One Comment

  1. Tom M April 29, 2022 at 4:29 am

    Great blog, you just gained a new reader and customer.

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