Get the free Viatical Settlement Application

This document serves as an application for viatical settlements, providing necessary personal, medical, and policy information for individuals seeking to sell their life insurance policy or related

How to fill out viatical settlement application

How to fill out Viatical Settlement Application

1. Gather necessary documents such as medical records and life insurance policy details.
2. Download or request the Viatical Settlement Application form from a reputable provider.
3. Fill out the personal information section with accurate details including name, contact information, and policy number.
4. Provide information about the medical condition that qualifies for a viatical settlement.
5. Input the current health status and attach any supporting medical documentation.
6. Indicate the desired settlement amount or percentage of policy value you wish to receive.
7. Review the application for completeness and accuracy.
8. Sign and date the application form.
9. Submit the application along with any required documents to the chosen viatical settlement provider.

Who needs Viatical Settlement Application?

1. Individuals diagnosed with terminal illnesses or chronic medical conditions.
2. Policyholders who want to convert their life insurance policy into cash to cover medical expenses or other financial needs.
3. People who are seeking financial relief or assistance during a difficult time.

People Also Ask about

What is an example of a viatical settlement provider?

For an example of a viatical settlement, consider someone who is diagnosed with a terminal illness and faces high medical bills to cover treatment and medical care. To cover these costs, the individual may decide to sell their life insurance through a viatical settlement.

What is an example of a viatical settlement?

Once the original policyholder passes away, the third party collects the death benefit amount from the insurance company. Another viatical settlement example would be if someone chooses to sell their life insurance policy to pay for assisted living costs following a chronic illness diagnosis.

What is the payout for a viatical settlement?

A viatical settlement is when a life insurance policyholder decides to sell their policy due to terminal or chronic illness. The payout is less than the policy's death benefit or face value. They then use the payout to pay for medical bills, debts, and their in-home, hospital, or hospice care.

How much is paid in a viatical settlement?

Viatical Settlements, Accelerated Death Benefits Viatical Settlements How much can I get? VSPs pay a lump sum usually from 50% to 85% of the face value of your policy, depending on your life expectancy.6 more rows

What is a viatical settlement?

A viatical settlement occurs when a person with a terminal or a chronic illness sells his or her life insurance policy to a third party (a viatical & life settlement provider), for a cash payment that is less than the full amount of the death benefit. The person selling the life insurance policy is the “viator.”

What is an example of a viatical investment?

For example, assume that Robert has a life insurance policy that will pay $100,000 upon his death. The policy has a surrender value of $50,000. Steven could buy Robert's policy in a viatical settlement for $75,000.

Is a viatical settlement a transaction?

A viatical settlement is an investment contract pursuant to which an investor acquires an interest in the life insurance policy of a terminally ill person at a discount, which depends upon the insured's life expectancy. When the insured dies, the investor receives the proceeds of the insurance policy.

What is the viatical settlement process?

A viatical settlement is an agreement in which a chronically or terminally ill person sells their life insurance to a third party for a one-time cash payment. The policyholder receives a payment greater than the cash surrender value but less than its face value.

For pdfFiller’s FAQs

What is Viatical Settlement Application?

A Viatical Settlement Application is a legal document submitted for the purpose of selling a life insurance policy to a third party, typically for a fraction of its death benefit when the policyholder is terminally ill.

Who is required to file Viatical Settlement Application?

The policyholder or their legal representative is required to file a Viatical Settlement Application in order to initiate the process of selling their life insurance policy.

How to fill out Viatical Settlement Application?

To fill out a Viatical Settlement Application, one must provide personal information, details about the life insurance policy including the insurer and policy numbers, the insured's medical condition, and any necessary signatures.

What is the purpose of Viatical Settlement Application?

The purpose of a Viatical Settlement Application is to formally request the sale of a life insurance policy, allowing the policyholder to access funds while still alive, particularly to cover medical expenses or other financial needs.

What information must be reported on Viatical Settlement Application?

The information that must be reported on a Viatical Settlement Application includes the insured's identification details, policy details, present health status, medical records, and any financial disclosures related to the transaction.