A viatical settlement is the process of selling a life insurance policy to a third-party buyer where the insured has a chronic or terminal illness. 

The policyowner receives a cash payout that is on average seven times more than the policy’s cash surrender value, but less than the total face value of the policy. The buyer of the policy will take over all future premium obligations. 

Viatical settlements can provide a substantial benefit before death and greatly improve the quality of life of terminally or chronically ill individuals.

What is a Viatical Settlement?

Viatical settlements are designed for insureds who are terminally or chronically ill.

A "terminally ill individual" is defined as someone having an illness or physical condition resulting in a life expectancy of fewer than 24 months.

A "chronically ill individual" is a person unable to perform at least 2 activities of daily living. Activities of daily living include things like eating, bathing or dressing, amongst others.

There is no minimum age or policy size for viatical settlements.

For insureds who do not have a terminal or chronic illness, a life settlement may be a better option for selling an unwanted life insurance policy. To qualify for a life settlement, you need to be at least 65 and own a policy with a face value of $100,000 or more.

Who qualifies for a Viatical Settlement?

Life insurance is personal property, and can be sold just like any other asset. 

When and why would someone need a viatical settlement?

There are many reasons why someone would be interested in a viatical settlement, but the most common reasons include:

•  There has been a significant change in health.
•  Premiums have become unaffordable.
•  New unexpected expenses have arisen.
•  The policy is no longer needed.
•  A term policy is approaching its expiration date

You submit.

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We'll evaluate your policy to determine if you qualify.

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You can choose cash, a new policy with no future premiums, or a combination of both.

We evaluate.

You receive payment.

Submit your policy for a free life settlement review.

How Do I Receive a Viatical Settlement?

"Following a serious illness, my wife and I decided to explore the sale of her term policy. We engaged with two organizations and while both were responsive, the Coventry team realized the highest value for her policy as well as being incredibly responsive during the closing process."

Joe K. – Reno, NV

Discover what your insurance policy could be worth.

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