An unexpected side effect of a cancer diagnosis or other life-threatening illnesses is the financial burden that comes with fighting the disease. Increasing medical bills, combined with lost wages, make managing day-to-day expenses a major struggle. You don’t have to go through this challenging time alone. Whitestone Life can help you sell your existing life insurance policy with a viatical settlement, and can generate necessary funds to provide peace of mind for you and your loved ones.
A viatical settlement is the process of transferring ownership and beneficiary rights of a life insurance policy in exchange for a lump sum to the policy owner. The seller receives a payment equivalent to a percentage of the policy’s face value. The funds received can then be used for medical expenses, alternative treatments, daily living expenses, fulfillment of life-long wishes, and more.
As a licensed life and viatical settlement broker, Whitestone Life works for the policy owner, not the buyer. We are here to help you get the most money that the industry will offer for your policy. With our assistance, you can get immediate cash by transferring your asset, and you are no longer responsible to pay future policy premiums. Over the years, we have helped many clients pay off medical expenses and live their lives to the fullest.
The entire process of a viatical settlement takes about four to six weeks. Our staff gathers all the necessary insurance and medical information for a thorough assessment of the policy’s value. We then provide this information to buyers licensed in the policy owner’s state of residence. Upon receiving offers, we present them to the policy owner so they can make an informed decision about their insurance plan.
When the policy owner accepts an offer, Whitestone works with both the buyer and the seller to generate purchase contracts. Once finalized, forms are sent to the insurance company to process the transfer of ownership and beneficiary rights of the policy. Upon confirmation that the ownership has been transferred, the policy owner receives their money. In many cases, these transactions are nontaxable.