With More Than 30 Years of Experience
Serving Clients Throughout the USA
Individual Benefits

Life Insurance Benefits for the Living Insured

Frequently Asked Questions

Are there alternatives to a viatical settlement?​

Yes, there are three other options. First, you may be able to borrow against your life insurance policy. Second, either your policy or insurer may provide an accelerated benefits option (see our consumer guide). Finally, you may be able to cash out your policy if it has any cash surrender value.

What are the fees involved?​

There are none. You will never pay Individual Benefits any application fees, medical evaluation charges, or any other costs, ever.

Can I change my mind?​

Yes, at any time before receiving your settlement, without obligation or fees. We also recommend that you check your contract to make sure it includes a 15-day rescission period after the sale of your policy.

What about my confidentiality? Who will we contact during the process?

We contact only your primary physician, insurance company or benefits administrator, or anyone you expressly authorize. We protect your privacy and guarantee that Individual Benefits will never give lists of names or social security numbers to the government or private agencies.

Where do my beneficiaries enter into the process?

Any person listed as a beneficiary must sign a release and waive all current and future rights in the proceeds from your policy.

Will my settlement affect my state or federal aid?

It might adversely affect your qualification status for income-based federal or state financial assistance, such as supplemental Social Security benefits, Medicare, and food stamps. Again, it’s best to consult an attorney or CPA.

What types of life insurance policies qualify?

In general, any life insurance qualifies including whole life, universal, term, and all individual and some group policies.

Does the seller continue to pay the premiums after the viatical or senior life settlement sale is complete?

No. Upon completing the viatical or senior life settlement transaction, the seller’s rights and responsibilities for premium payments on the policy will cease.

Does the selling of a policy affect other benefits of the seller, such as disability income or health insurance?

As a general rule, it does not. However, we encourage verifying on an individual basis. Means-based assistance, such as supplemental Social Security benefits, may be affected.

How long does it take a seller to receive the proceeds of a viatical or senior life settlement sale?

Generally, the process takes 4 to 8 weeks, depending on the completeness of the information required.