Viatical Settlement Lawyers

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What Are Viatical Settlements?

Viatical settlements involve the sale of a life insurance policy of a terminally ill policyholder to another party. The life expectancy of these individuals is usually less than two years at the time of sale.

The owner of the policy receives a cash settlement for less than the face value of the policy. The policy is transferred to the policy buyer who pays the premiums on the policy and receives the death benefit amount of the policy when the insured dies.

What Can I Receive when I Sell my Life Insurance Policy?

The cash settlement is based on a number of different factors, which can include:

What Are the Risks Involved in Selling a Viatical Settlement?

It is common for people with terminally ill diseases to make hasty decisions to get money for their policies. Some common problems that policyholders may face when selling their policy include:

What Are the Risks Involved in Purchasing a Viatical Settlement?

Currently, there are no rules regarding who is qualified to sell viatical settlements and what must be disclosed at the time of sale. Some common areas that purchasers of viatical settlements should be wary of include:

Do I Need to Consult an Attorney about Viatical Settlements?

The demands imposed by a terminal illness can be taxing. Making an informed decision regarding viatical settlements is difficult given its complex and possibly confusing nature. Seeking an experienced attorney who can advise you on selling a viatical settlement is a wise decision. Additionally, attorneys can counsel and seek remedies for those who purchased or sold life insurance policies under fraud or misrepresentation.

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Last Modified: 10-28-2011 02:47 PM PDT

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