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Why would a senior or terminally-ill person choose a life settlement or viatical settlement?

Retirement or a life-threatening illness deprives a person of the ability to work and earn income to take care of themselves. Moreover, it also rapidly exhausts any savings set aside. At Individual Benefits, we offer viatical settlement that allows a person to:

Continue receiving quality health care
Ease the financial strain
Retain control over their own life
Live a quality of life not affordable to someone on public assistance

A survey of sellers revealed that they had used their proceeds for a broad spectrum of different purposes, including:

Continuing the highest quality health care possible
Relieving the financial stress concerning bills, rent, mortgage payments, car payments, and retiring all of the debts
Distributing the proceeds of their viatical settlements to whom they wish: friends, life partners, loved ones, spouses, and charitable institutions
Having the peace that comes with knowing the proceeds are distributed according to the seller’s wishes while allowing the seller to share in the joy of those receiving the gifts

Every individual will be different when it comes to using the proceeds—however, all experience a relief of stress which enables them to live a better quality of life.

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.

Does the seller have similar benefits available from his or her own insurance company?

In some cases, the seller’s insurance company may offer accelerated benefits. If the seller qualifies, the insurance company will pay a certain percentage of the total death benefit. Usually, the criterion for an accelerated benefit requires the seller to have a life expectancy of six to twelve months.