Viatical Settlements
FAQ
What if I change my mind?
If you change your mind about selling your
policy, you can cancel the life settlement contract at any time up to the
15th day (30 days in some states) after you receive the money from the
provider. If you change your mind, remember to arrange with the provider
to have the insurance company transfer the ownership of the policy back to
you. The guidelines for the rescission period will be explained in
detail in the Viatical Settlement Purchase & Sale Agreement, which can
vary on a state by state basis.
What if I die shortly after selling my policy?
If you die at any time up to the 15th day (30 days in some states) after
you receive the money from the provider, the settlement contract will
automatically cancel. The provider will pay the owner of your policy or
beneficiaries designated by the owner in the viatical settlement contract
any proceeds it receives from your policy, minus any money it already paid
for the purchase of your policy and any premiums it paid to the insurance
company to keep your policy current. The insurance company or the provider
should refund any unearned premiums paid.
What happens after I get my money?
After the provider has paid the owner for the sale of the policy,
they may begin calling to check on the health status of the viator.
What if I don’t want to be contacted about my health
status?
If you do not want to be contacted about your health status, you may
appoint an adult person or persons to be contacted on your behalf. That
person must be in regular contact with you and you must give the provider
their name, address and phone number. Once you give the provider this
information, they may not contact you unless they have tried and have not
been able to reach the contact person for more than 30 days. If you need
to, you can change your contact person at any time by sending a written
notice to the provider.
How will I know who will be calling me or my contact
person about my health status and how often can they call?
The provider must give you the name, address, and phone number of
the person who will be contacting you or your contact person(s) about your
health status. If your life is expected to end in one year or less,
contacts to check on your health status are limited to once every 30 days.
If you are expected to live for more than one year, contact is limited to
once every three months.
Will the provider be calling my doctor to check on
my health status?
Some providers will use your signed medical release form to check with
your doctor, for updates on your health status. The medical release form
tells your doctor that you want your doctor to give your medical
information to the provider, their broker, or provider representative. If
you decide you do not want the provider to contact your doctor, you have
the right to withdraw your medical consent in accordance with law.
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