When facing a serious illness, financial burdens can quickly become overwhelming. For many, a viatical settlement offers a powerful solution—providing cash today for a life insurance policy they no longer need. But navigating this process alone can be daunting. That’s where a viatical settlement broker in Fort Lauderdale becomes essential.
At Summit Life Insurance, we specialize in helping clients understand and benefit from viatical settlements. Our expert brokers are dedicated to protecting your interests and maximizing your policy’s value during life’s most challenging moments.
What Is a Viatical Settlement?
A viatical settlement is a financial transaction in which a terminally or chronically ill person sells their life insurance policy to a third party in exchange for a lump sum. The buyer becomes the new policy owner and beneficiary, and assumes responsibility for all future premium payments.
Unlike a traditional life insurance payout, a viatical settlement gives you access to immediate funds—money that can be used for medical treatments, caregiving expenses, or any other pressing financial needs.
The Role of a Viatical Settlement Broker
A viatical settlement broker in Fort Lauderdale acts as your advocate in the transaction. At Summit Life Insurance, our brokers help you:
-
Evaluate your policy for viatical eligibility.
-
Secure multiple competitive offers.
-
Negotiate terms on your behalf.
-
Ensure all legal and regulatory requirements are met.
We’re not buyers—we’re facilitators. Our only goal is to represent you and obtain the highest possible value for your life insurance policy.
Why Work With Summit Life Insurance?
Choosing the right broker is crucial. At Summit Life Insurance, we offer:
-
Local Expertise: As a Fort Lauderdale-based company, we understand Florida-specific regulations and how they apply to viatical settlements.
-
Personalized Service: Every client is unique. We guide you step-by-step with compassion and clarity.
-
Licensed Professionals: Our brokers are fully licensed and comply with all Florida Department of Insurance guidelines.
When you choose Summit Life Insurance, you’re choosing trusted experience and unwavering support.
Benefits of a Viatical Settlement
There are several reasons why individuals in Fort Lauderdale turn to viatical settlements:
-
Immediate Financial Relief: Receive a lump sum to help pay for healthcare or daily expenses.
-
No More Premiums: Once sold, you’re no longer responsible for policy payments.
-
Use Funds However You Need: Whether it’s for medical bills or spending time with loved ones, there are no restrictions.
Our clients often express relief and gratitude after accessing funds they didn’t know were available—all thanks to a skilled viatical settlement broker.
Who Qualifies for a Viatical Settlement?
To qualify, you typically must:
-
Have a terminal or chronic illness (such as cancer, ALS, or late-stage heart disease).
-
Own a life insurance policy with a death benefit of $100,000 or more.
-
Be over the age of 21.
If you meet these criteria, a viatical settlement may be a smart financial option. Summit Life Insurance can provide a free, confidential policy review to get you started.
How the Process Works
At Summit Life Insurance, we make the viatical settlement process simple:
-
Free Consultation – We evaluate your policy and eligibility.
-
Market Comparison – We shop your policy to licensed buyers.
-
Offer Review – You receive and choose the best offer.
-
Legal Documentation – We handle all paperwork and disclosures.
-
Funding – Once finalized, you receive your payout—often within weeks.
Our team ensures a smooth and stress-free experience throughout.
Legal Protections in Florida
Florida has strict laws regulating viatical settlements to protect policyholders. As a licensed viatical settlement broker in Fort Lauderdale, Summit Life Insurance adheres to all compliance standards, including:
-
Full disclosure of all fees and terms.
-
Secure handling of private medical and financial data.
-
Timely, transparent communication during every step.
Your rights and privacy are always our top priority.
FAQs About Viatical Settlement Brokers
Q1: Do I pay my broker anything upfront?
A: No. At Summit Life Insurance, our services are commission-based and paid by the buyer—not the policyholder.
Q2: How is a viatical settlement taxed?
A: In many cases, the proceeds are tax-free for terminally ill individuals. We recommend consulting with a tax advisor.
Q3: Can I still get a settlement if my policy is small?
A: Policies under $100,000 may qualify depending on your diagnosis. We’re happy to review it for free.
Q4: What types of policies qualify?
A: Most types, including term, whole life, and universal life, may be eligible for a viatical settlement.
Final Thoughts: Secure Peace of Mind Today
A viatical settlement broker is your best ally when exploring options to unlock the value of your life insurance policy. At Summit Life Insurance, we serve Fort Lauderdale residents with compassion, professionalism, and a commitment to helping you live with dignity and financial stability.
📞 Contact Summit Life Insurance today for your free policy evaluation and discover how a viatical settlement could work for you.
