Facing a terminal illness is emotionally and financially overwhelming. During these challenging times, accessing the value of your life insurance through a viatical insurance settlement in Fort Lauderdale can provide much-needed relief. At Summit Life Insurance, we specialize in helping individuals convert their life insurance into immediate cash to cover medical bills, living expenses, or to improve their quality of life.
What Is a Viatical Insurance Settlement?
A viatical insurance settlement allows individuals with a terminal or chronic illness to sell their existing life insurance policy to a third-party buyer. In exchange, the policyholder receives a lump-sum payment — often more than the policy’s cash surrender value. After the sale, the buyer assumes responsibility for premium payments and collects the death benefit when the insured passes away.
This type of settlement is a compassionate financial option for individuals in Fort Lauderdale who need fast access to funds during a health crisis.
How Does a Viatical Settlement Differ from a Life Settlement?
While both involve selling a life insurance policy, a viatical insurance settlement is specifically for policyholders who are terminally or chronically ill. A life settlement, on the other hand, is typically for seniors over the age of 65 with no immediate health issues.
In a viatical settlement:
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The insured usually has a life expectancy of fewer than 24 months
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Payouts may be tax-free under certain IRS guidelines
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The primary goal is to offer peace of mind and financial support
At Summit Life Insurance, we provide tailored advice for residents of Fort Lauderdale exploring these two options to ensure they choose what’s best for their circumstances.
Who Qualifies for a Viatical Settlement?
You may be eligible for a viatical insurance settlement in Fort Lauderdale if:
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You have a terminal or chronic illness
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You own a life insurance policy with a face value of $100,000 or more
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Your policy is a permanent or convertible term plan
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You need access to funds to cover care, treatment, or personal needs
If you’re unsure about your eligibility, Summit Life Insurance offers free policy reviews and personalized guidance to help you understand your options.
The Process: How a Viatical Settlement Works
At Summit Life Insurance, we follow a confidential, streamlined process designed to reduce stress and deliver quick results for our Fort Lauderdale clients:
Step 1: Free Consultation
We begin with a no-obligation conversation to determine your eligibility and answer your questions.
Step 2: Policy and Medical Review
Our team evaluates your insurance policy and gathers basic medical information to determine your policy’s value on the secondary market.
Step 3: Receive Offers
We reach out to a trusted network of viatical settlement providers and present you with the highest available offer.
Step 4: Accept and Close
Once you choose to move forward, we handle the paperwork and ensure that you receive your funds in as little as 2–4 weeks.
Why Fort Lauderdale Residents Choose Summit Life Insurance
As a leading provider of viatical insurance settlement services in Fort Lauderdale, Summit Life Insurance brings both compassion and expertise to the table. We understand the emotional and financial pressures our clients face, and we’re committed to delivering solutions with empathy and transparency.
What sets us apart:
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Local presence in Fort Lauderdale for personalized, face-to-face service
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Experienced team of licensed viatical and life settlement professionals
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Access to a large network of institutional buyers
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Strict confidentiality and ethical standards
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No out-of-pocket fees or obligations
Our goal is to help you access the financial peace of mind you deserve, on your terms.
Common Uses for Viatical Settlement Funds
Many Fort Lauderdale policyholders use their viatical insurance settlement to:
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Pay for ongoing medical treatment or long-term care
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Cover household bills or mortgage payments
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Take a meaningful trip or fulfill a personal wish
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Support family members or charitable causes
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Maintain independence and dignity in the final stages of life
No matter your reason, Summit Life Insurance is here to support your choice.
FAQs About Viatical Insurance Settlement in Fort Lauderdale
Q1: Will I owe taxes on the proceeds?
A: In many cases, viatical settlements are tax-free, especially if the policyholder is terminally ill. We recommend consulting a tax advisor for details specific to your situation.
Q2: How fast can I receive the money?
A: Most settlements are completed within 2 to 4 weeks after accepting an offer.
Q3: Do I need to keep paying premiums after selling my policy?
A: No. Once the policy is sold, the buyer assumes all premium responsibilities.
Q4: Is the process confidential?
A: Yes. Summit Life Insurance adheres to strict confidentiality protocols and only shares information with your permission.
Q5: Can my family object to the sale?
A: As the policy owner, you have full rights to sell your policy, though we advise discussing your plans with loved ones.
Secure Your Future Today
If you’re facing a serious illness and own a life insurance policy, a viatical insurance settlement in Fort Lauderdale could be the solution you’ve been looking for. Let Summit Life Insurance help you unlock your policy’s value with clarity, compassion, and care.
📞 Contact Summit Life Insurance today for a free consultation and discover how much your policy may be worth.
