Lifestyle

4 Tips for Choosing a Viatical Settlement Broker

Few things throw life into upheaval like a cancer diagnosis or the diagnosis of another terminal illness. Not only is life thrown into turmoil, but your finances could also in limbo now as well. In a situation like this, it is best to slow things down for a minute and take a deep breath. Once you take a time-out, you can begin to make a plan. A majority of people might not be aware of the option for a viatical settlement, which is a shame. A viatical settlement can provide financial peace of mind should you face difficulties and uncertainty due to a terminal or life-threatening illness.

These types of settlements, offered by companies like American Life Fund, allow you to sell a life insurance policy to help create an improved financial situation. Many times, people faced with a challenging disease or illness struggle to pay for medical care and insurance premiums. Selling a life insurance policy could help provide some financial relief for debt or obligations to insurance companies.

Someone who is terminally ill has been diagnosed with a life expectancy of fewer than 24 months. If your condition has a life expectancy of greater than 24 months, you can look into the option of a life settlement. If you qualify for a viatical settlement, however, having a relationship with a trusted financial advisor can be invaluable. People considering a viatical settlement could benefit from choosing a broker that will help them navigate this process. The first step will be choosing someone who you can trust. Let’s take a look at some tips for choosing a viatical settlement broker.

1. Understand the process.

Since this process can get overwhelming and stressful, you will want to look for a broker that has experience. A company that has extensive experience navigating life insurance policies can help make the settlement steps as simple and clear as possible. To help you understand how this process works and what to expect, you will want to do a little research, like reading online blogs and articles. Having a basic understanding of viatical settlements and how they work will go a long way towards helping you choose the best provider. Understanding the intricacies of the process will help you ask the right questions.

2. Look for experience with your situation.

According to The Naitonal Association of Insurance Commissioners, an individual with a chronic illness and an existing life insurance policy is eligible to qualify for a viatical settlement. To help you navigate this process, it will be helpful if you work with a viatical settlement broker who is familiar with your specific health condition and situation. The majority of viatical settlements are negotiated on behalf of terminal cancer patients. Other illnesses related to heart disease, organ failure, strokes, or degenerative diseases such as Parkinson’s and Alzheimer’s can also qualify for a settlement. To get the best settlement deal, choose a broker who has experience with your situation.

3. Make sure to protect your interest.

Any situation that might require a viatical settlement will be stressful enough. When you are going through this situation, you will want to make sure that any broker has your best interest in mind. If you have worked with any financial service before that will be a good place to start. If you need the services of a new broker, you will want to read some reviews and do research to see how the firm operates. You will want to be confident that your broker will leverage their knowledge and connections to get the best settlement situation for you. Ensure your broker is transparent, well-connected, and ready to work hard for you.

4. Contact settlement brokers. 

The best tip for choosing a viatical settlement broker is to contact the brokers you are interested in and ask questions. After you have done the research and found a provider that has checked all of your boxes, you should reach out to them. You will want to speak with them to get to know them. Taking a settlement is an important step towards improving your situation and taking one thing off of your plate at a very stressful time. You need to be sure that you have confidence in your broker and that you trust them.

Being diagnosed with a terminal illness can be a devastating and difficult time. During this time, patients and families alike will be under a ton of stress. A viatical settlement could help alleviate some of the stress and provide financial relief from bills and debt. Taking some time and doing research will ensure that you select the right broker to help you navigate your settlement.

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