Viatical Settlements
FAQ
Do I have to sell all of my policy?
No. You can sell all of your policy or you can sell only a part of
your policy. If you sell only a part, you will be required to assign or
transfer only the part being sold. The provider will become the new owner
of the policy and your chosen beneficiary will retain the rights to the
unsold portion.
Is there a difference between a broker and a
provider?
Yes. Although both a broker and a provider will help you with the
sale of your policy, there are important differences between them. A
broker works for you. A broker will check with several providers
to find the best offer for you. A provider represents the investors. A
provider will only make one offer for the policy, based on their internal
funding parameters. If you use someone to help with the sale of your
policy, you may want to ask whether they are a broker or a provider.
Is the provider or broker required to keep my
information confidential?
Yes, any financial, medical, or personal information obtained by a
provider or broker about you, including your family members, a spouse, or
a significant other, may not be shared with anyone unless you have given
written approval that the information may be shared. Any written approval
for the sharing of this information must show who may get the information
and why it will be released.
If I enter a viatical settlement contract, when will
I get my money and from whom?
The answer to this question depends on how the provider runs its
business. Some providers use an escrow agent or trustee to handle the
money that will be paid to you. The escrow agent or trustee will send you
the money within three business days of the date the insurance company
confirms to the provider that the transfer of ownership has been
completed.
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