Your Guide to Viatical Settlements with Summit Life Settlements
When faced with a terminal illness or critical health condition, financial stability becomes just as important as medical care. For many, life insurance policies can offer a source of relief—especially through Viatical Settlements. At Summit Life Settlements, we understand the sensitive nature of these decisions and offer a compassionate, secure path toward financial peace.
This comprehensive guide explains how viatical settlements work, who qualifies, what the process involves, and why choosing the right partner—like a trusted viatical settlement broker in Fort. Lauderdale—can make all the difference.
What Is a Viatical Settlement?
A Viatical Settlement is the sale of a life insurance policy by someone diagnosed with a terminal illness to a third-party buyer. Instead of waiting for the policy's death benefit to be paid to beneficiaries, the policyholder receives a lump-sum cash payment now. This payment is typically more than the policy's cash surrender value but less than the full death benefit.
The funds received can be used for medical expenses, experimental treatments, debt repayment, or to improve quality of life during a difficult time.
How Do Viatical Settlements Work?
The process begins when a policyholder—often facing a life expectancy of two years or less—decides to explore options with a licensed provider or viatical settlement broker in Fort. Lauderdale. The broker acts on the client’s behalf, shopping the policy to investors and negotiating the best possible offer.
Here’s how a typical process unfolds with Summit Life Settlements:
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Initial Consultation – A confidential and no-obligation conversation helps determine your eligibility.
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Policy and Health Review – Summit collects medical records and policy details for evaluation.
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Offer Presentation – Multiple buyers may be interested, and Summit negotiates to present the highest offer.
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Contract Signing – Once accepted, legal documents are signed and escrow is opened.
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Funds Transfer – The seller receives a lump sum, usually within a few weeks.
At Summit Life Insurance, we guide you through each step, providing transparency, support, and clarity.
Who Qualifies for a Viatical Settlement?
While each case is unique, some general qualifications include:
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A life insurance policy with a face value typically $100,000 or more
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The policyholder has been diagnosed with a terminal illness (e.g., cancer, ALS)
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Life expectancy of less than 24 months (based on physician records)
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The policy must be at least two years old in most cases
If you’re unsure about your eligibility, a viatical insurance settlement Fort. Lauderdale specialist at Summit can help determine your options quickly and confidentially.
Why Choose Summit Life Settlements?
1. Local Expertise with National Reach
As a leading viatical settlement broker in Fort. Lauderdale, Summit Life Settlements understands both the local regulatory landscape and national investor networks. That means we connect clients to the most competitive offers, regardless of their location.
2. Compassion-Driven Process
Selling a life insurance policy is a deeply personal decision. Our advisors operate with compassion and confidentiality, recognizing the emotional and financial weight of the moment.
3. Licensed and Transparent
We are fully licensed in multiple states and uphold the highest ethical standards. From contract reviews to explaining tax implications, we offer clear, professional guidance.
4. Strong Relationships with Buyers
Our established network of institutional buyers ensures you get access to high-value offers. With Summit Life Insurance, you're never navigating the market alone.
Benefits of a Viatical Settlement
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Immediate Cash Relief – No need to borrow or wait for benefits.
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No More Premium Payments – Once the policy is sold, you’re no longer responsible for premiums.
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Use Funds Freely – Spend on care, living expenses, travel, or gifts to loved ones.
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Non-Taxable in Most Cases – Viatical settlements are typically income tax-free if the insured is terminally ill (check with your tax advisor).
Things to Consider
Before entering a viatical settlement, make sure to:
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Understand all legal and tax implications
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Work with a licensed broker or provider
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Compare offers to ensure you’re receiving fair market value
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Talk with family or financial advisors
Summit Life Settlements offers full transparency and can connect you with independent advisors to help evaluate your options.
Frequently Asked Questions
1. Is a viatical settlement taxable?
In most cases, viatical settlement proceeds are not taxable if the policyholder is terminally ill, as defined by the IRS (life expectancy of less than two years). However, you should always consult a tax professional to confirm your individual circumstances.
2. How long does the viatical settlement process take?
The process usually takes 2 to 4 weeks, depending on how quickly medical records and policy information are gathered. Summit Life Settlements works efficiently to expedite offers and close deals swiftly.
3. What types of policies qualify for a viatical settlement?
Most commonly, term, universal, whole life, or group policies qualify if they have a face value of $100,000 or more. The policy must also be beyond its contestability period (usually 2 years).
4. Will my beneficiaries still receive anything after I sell my policy?
No. Once a viatical settlement is completed, the policy is transferred to the buyer, who becomes the new beneficiary. They are entitled to the death benefit when the insured passes away.
5. How is a viatical settlement different from a life settlement?
While both involve selling a life insurance policy, viatical settlements are specifically for individuals with a terminal illness and typically come with tax-free benefits. Life settlements are for seniors who may not be terminally ill but still wish to sell their policy for cash.
Final Thoughts
A viatical settlement can provide a meaningful financial bridge during one of life’s most challenging times. If you or a loved one is facing a terminal illness, working with a trusted partner like Summit Life Settlements can help you access the value of your life insurance policy with dignity and support.
Our team of experts, including top viatical settlement brokers in Fort. Lauderdale, is here to answer your questions, protect your interests, and help you navigate the process with confidence.
Contact Summit Life Settlements today to schedule your free, no-obligation consultation and explore how a viatical insurance settlement in Fort. Lauderdale can support your needs.
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