If you own a life insurance policy, you may have an option to get immediate financial relief through a viatical settlement—and working with a licensed viatical settlement broker in Fort Lauderdale ensures you receive the maximum payout with full legal protection.
At Summit Life Insurance, we help individuals in Fort Lauderdale sell their life insurance policies for cash, so they can focus on what matters most: care, comfort, and peace of mind.
What Is a Viatical Settlement?
A viatical settlement allows someone who is terminally ill or chronically ill to sell their life insurance policy to a third party for a lump sum payment. Unlike standard life settlements, viatical settlements often come with tax-free proceeds (under IRS guidelines) when certain conditions are met.
Key benefits:
✔ Immediate cash payout to cover medical bills, living expenses, or quality-of-life needs.
✔ No more premium payments – the buyer assumes all future costs.
✔ Fast process – usually completed within 2–4 weeks.
Why Use a Viatical Settlement Broker in Fort Lauderdale?
Florida has strict regulations for viatical settlements to protect policyholders. A licensed broker like Summit Life Insurance ensures:
✔ Access to multiple buyers, so you get the highest possible offer.
✔ Compliance with Florida OIR (Office of Insurance Regulation) rules.
✔ No hidden fees or risks – all terms are transparent and in writing.
✔ Confidentiality and compassionate support throughout the process.
Who Qualifies for a Viatical Settlement?
You may qualify if you:
✔ Have a terminal illness (life expectancy of 24 months or less), OR
✔ Are chronically ill and need long-term care, AND
✔ Own a life insurance policy with a face value of $100,000 or more.
Policy types that typically qualify:
✔ Whole Life
✔ Universal Life
✔ Convertible Term Life
Are Viatical Settlement Proceeds Taxable?
In most cases, viatical settlements are tax-free under IRS Section 101(g) if:
✔ The insured is terminally or chronically ill, and
✔ The settlement provider is licensed and complies with state law.
Always confirm your specific situation with a tax professional.
How Much Can You Get for Your Policy?
The payout depends on:
✔ Policy face value
✔ Premium costs
✔ Your life expectancy
Generally, viatical settlement payouts are higher than standard life settlements because of the shorter life expectancy.
Example:
-
A $500,000 policy could bring $250,000–$400,000, depending on health and terms.
The Viatical Settlement Process with Summit Life Insurance
-
Free Policy Evaluation – We check if you qualify and estimate your policy’s value.
-
Health Documentation – Medical records help determine life expectancy for pricing.
-
Shop the Market – We present your policy to licensed institutional buyers.
-
Compare Offers – You choose the best one.
-
Close & Get Paid – Receive your funds quickly and securely.
Why Choose Summit Life Insurance in Fort Lauderdale?
✔ Licensed Viatical Settlement Broker in Florida – Full compliance and security.
✔ Access to Multiple Buyers – We create competition to maximize your payout.
✔ No Upfront Fees – We only earn a commission if you close the deal.
✔ Compassionate, Confidential Service – We understand the sensitive nature of viatical settlements.
✔ Fast Process – Get your money in as little as 2–4 weeks.
Frequently Asked Questions (FAQs)
1. How quickly can I get paid?
Most viatical settlements close within 2–4 weeks after documentation is complete.
2. Will I have to pay taxes on the money?
If you meet IRS guidelines (terminally or chronically ill), your payout is usually tax-free.
3. Do I need to keep paying premiums after the sale?
No. The buyer takes over all future premium payments.
4. Is it safe and legal in Florida?
Yes, as long as you work with a licensed viatical settlement broker like Summit Life Insurance.
Final Thoughts
If you’re in Fort Lauderdale and struggling with the financial burden of a serious illness, a viatical settlement may be the lifeline you need. Selling your life insurance policy through Summit Life Insurance gives you quick access to cash, eliminates premiums, and ensures the process is secure, legal, and stress-free.
Contact Summit Life Insurance today for a free, no-obligation policy evaluation and find out how much your policy is worth.
