 A Viatical Settlement Broker
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VIATICAL
SETTLEMENTS
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QUALIFICATION
REQUIREMENTS
The qualifications for a
viatical settlement transaction are based on 2 factors: the life insurance
policy specifics and insured's health status. The life insurance
policy guidelines are straightforward and are provided below. The
health qualifications are a bit more complicated and are therefore
explained in detail.
In order to save valuable time for the sellers
(viators) and their agents, Welcome Funds underwrites each case in-house and also obtains
an independent life expectancy review. Once this process is completed, the life
expectancy and insurance parameters are matched to the various requirements of our
multiple funding sources. By working with every funder, Welcome Funds has the
ability to match each case to the best funding sources and ensure that all of our clients
receive the highest possible settlements.
Below are summaries of the industry's standards of
qualification for a Viatical Settlement.
- Life Insurance:
- Policy must be at least 2 years old - only non-contestable life insurance policies are considered.
- Life Insurance Carrier must be rated B+ or better.
- Minimum face value of $50,000 - NO MAXIMUM. Lower face
values are considered if multiple policies total over $50,000.
- All types of policies qualify, including term, whole life,
universal life, joint-survivorship, group, corporate-owned policies (COLI), key-man, and
life policies held in irrevocable life insurance trusts.
- Policy Owner may be the insured, a company, a family member,
a charity or any other entity with an insurable interest in the life of the insured.
- Insured's Health Status:
- Terminally-ill individuals with limited life
expectancies of 7 years or less are considered.
- Terminal illnesses may include cancers, heart disease, AIDS,
Alzheimer's disease, ALS, or any other life threatening disease.
- Complete copies of medical records are obtained for
verification of health status.
- NO MEDICAL EXAMS ARE
REQUIRED!
Detailed Explanation of
Health Guidelines:
Health qualifications for a
viatical settlement are based upon the insured's life expectancy
estimates. Life expectancy is determined by independent reviews of
the insured's medical records by third party medical underwriters and
consultations with experts in the specific field of medicine as
necessary. The underwriters provide individual life expectancy
opinions based upon statistical data combined with the insured's medical
history. These estimations can vary significantly due to differing
opinions on treatments, prognosis and future medical advances. Due
to these factors, variances in offers made by Viatical Settlement Funders is very
common.
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