Viatical Settlement Basics - The Step By Step Process

VIATICAL SETTLEMENTS

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Welcome Funds' experienced staff will do its best to expedite the viatical settlement process and provide each client and/or agent with an honest and informative experience. Please understand that every case may not qualify, although we will exhaust all attempts to obtain a viable offer from a reputable and licensed purchaser.

The process generally takes between 4 - 6 weeks from submission of the application to receipt of funds. Below is a summary of the step by step process and the key factors which determine the time frame.

Complete WFI's Application, Disclosure and Authorization Forms and provide WFI with all necessary documentation.

When these forms and documents have been received, our work begins.

WFI's staff will immediately review your application, making sure all documents have been completed properly. Please remember to submit a copy of the life insurance policy.

Next, your life insurance and medical status are verified by acquiring all of the necessary documentation from your insurance company as well as your doctor.

Once the proper information is verified, your case file is then reviewed by an insurance specialist and professional medical expert.

Based upon these reviews, your file is evaluated and negotiations begin with our multiple funding sources.

We will negotiate the absolute highest settlement amount available for your policy. Please review our negotiation process for more detailed information.

We then relay the highest offer to the applicant and he/she decides whether or not to sell the policy.

If the offer is accepted, legal closing documentation is drafted and overnighted to the seller (applicant), which includes: a purchase and sale agreement, life insurance policy change forms, beneficiary waivers, etc. These documents must be signed, witnessed and notarized in order for the transaction to be completed.

Upon the return of these closing documents, the policy change forms are then submitted to your life insurance company to transfer the rights of the policy to the purchaser.

Payment to the seller is completed via bank check or wire, within 24-72 hours following the verification of the life insurance policy transfer of ownership and beneficiary rights in the policy. Please note that this time period may differ by state, depending on existing state law and provider agreement in non-regulated states.

Rescission Period: Seller has the right to change their mind for 15 calendar days (30 days in some states) from the date funds were received. Details of the rescission period will be included in the Viatical Settlement Purchase & Sale Agreement.

Completed application. Our application must be completed in full. It is also required that the policy owner and insured complete our Release of Information Form. This form allows us to contact doctors and insurance companies to request the necessary documentation required to determine qualification status. Please also remember to submit a copy of the life insurance policy.

Acquisition of medical records. This can cause considerable delays. If we are provided with a complete medical file (most recent 4 years of records), the process can be completed very quickly. Otherwise, we must request this information from the insured's doctors, which can take 2 - 3 weeks on average.

Verification of life insurance policy. The insurance company must complete our verification of coverage form. This usually takes between 7 - 30 business days.

Availability of applicant. This process can be delayed if we cannot contact the applicant in a timely manner. This is very seldom a problem for those who are motivated to learn their qualification status and available offers.

WHAT IS THE NEXT STEP?

Welcome Funds

Call Us Today! Toll-Free: 1.877.227.4484

301 Yamato Road
Suite 2110
Boca Raton, FL 33431
Phone: 561.862.0244
Fax: 561.862.0242