A Viatical Settlement Broker

  CLICK BELOW TO NAVIGATE VIATICAL SETTLEMENT GUIDE  

 THE SETTLEMENT PROCESS

Welcome Funds' experienced staff will do its best to expedite the life insurance 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.

1. Once your completed application has been received, our work begins.

2. We will immediately review your application, making sure all documents have been completed properly.  Please remember to submit a copy of the policy, as well as the signed Release of Information Form.

3. 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.

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

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

6. We will negotiate the absolute highest settlement amount available for your policy!

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

8. If the offer is accepted, legal closing documentation is drafted and overnighted to the seller (applicant), including: 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.

9. Upon 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.

10. Payment to seller is completed via bank check or wire, within 24 - 48 hours of verification of the life insurance policy transfer.

11. Fifteen (15) Day Rescission Period:  You have the right to change your mind for 15 days for absolutely any reason.  In order to rescind, the viator must return the entire purchase amount plus any premiums paid to the purchaser within this period.

Top

1. Completed application.  Our application must be completed in full.  Also, it is also required that you complete our Release of Information Form.  This form allows us to contact your doctor and insurance company to request the necessary documentation required to determine your qualification status.  Please also remember to submit a copy of your policy!

2. Acquisition of medical records.  This can cause considerable delays.  If we are provided with a complete medical file, 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.

3. Verification of life insurance policy.   The insurance company must complete our verification of coverage form.  This usually takes between 2 -7 business days.

4. 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.

Top

• Return to our Home Page.

• Learn more about the the step by step Viatical Settlement process.

• Review the qualification requirements for a Viatical Settlement.

• Read the most frequently asked questions on Viatical Settlements.

• Analyze the tax implications of a Viatical Settlement.

• Examine some recent Viatical Settlement Case Studies.

• Request our Free Educational Package or visit our Download Center!