When facing a terminal or chronic illness, financial stress should be the last thing on your mind. Unfortunately, medical bills, long-term care costs, and everyday living expenses can quickly add up. That’s where a viatical settlement can help.
At Summit Life Insurance, we specialize in viatical insurance settlements in Fort Lauderdale, helping policyholders access immediate cash when they need it most—while ensuring the process is compassionate, secure, and compliant with Florida law.
What Is a Viatical Settlement?
A viatical settlement is the sale of your life insurance policy to a third-party buyer for a lump-sum cash payment. The buyer becomes the new owner, takes over premium payments, and receives the death benefit when you pass away.
Unlike traditional life settlements, viatical settlements are designed specifically for individuals who are:
✔ Terminally ill (life expectancy of 24 months or less)
✔ Chronically ill (unable to perform at least two daily living activities without assistance)
Why Choose a Viatical Settlement in Fort Lauderdale?
South Florida residents often face high medical expenses and care costs. A viatical settlement offers:
✔ Immediate Cash – Use funds for treatments, debt, or quality-of-life needs.
✔ No More Premium Payments – Stop paying costly premiums immediately.
✔ Tax-Free Proceeds – Most viatical settlements are completely tax-free under IRS rules.
✔ Financial Freedom – Use the money for anything—medical bills, family support, or personal comfort.
Are Viatical Settlements Taxable?
Generally, no. Under IRC Section 101(g), viatical settlement proceeds are usually tax-free if:
✔ You are terminally or chronically ill.
✔ The settlement is with a licensed viatical settlement provider.
This makes viatical settlements one of the most tax-advantaged financial options available for policyholders facing serious illness.
Who Qualifies for a Viatical Settlement?
You may qualify if you:
✔ Have a terminal or chronic illness diagnosed by a physician.
✔ Own a life insurance policy of $100,000 or more.
✔ Have Universal Life, Whole Life, or Convertible Term coverage.
✔ No longer need or can afford the policy.
How Much Can You Get for Your Policy?
Viatical settlement payouts are typically higher than standard life settlements because of the shorter life expectancy involved. While every case is unique, policyholders often receive 50%–80% of the policy’s face value.
For example:
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A $500,000 policy could generate $250,000–$400,000 in cash.
Our Viatical Settlement Process in Fort Lauderdale
At Summit Life Insurance, we make the process simple and confidential:
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Free Policy Review – We assess your eligibility.
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Instant Estimate – Use our calculator for a quick valuation.
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Shop to Licensed Buyers – We connect you with top viatical settlement providers in Florida.
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Secure the Highest Offer – We negotiate for the maximum payout.
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Get Paid Fast – Funds are typically available within 30 days of closing.
Why Choose Summit Life Insurance?
✔ Local Expertise – We understand Fort Lauderdale’s regulations and settlement market.
✔ Licensed & Regulated – We only work with licensed viatical settlement providers in Florida.
✔ Maximum Payout – Our network of buyers creates competition for your policy.
✔ Confidential & Compassionate – We prioritize your privacy and comfort.
✔ Fast, Hassle-Free Process – Designed to get you cash quickly when you need it most.
Common Uses for Viatical Settlement Funds
✔ Pay for advanced medical care or treatments
✔ Cover long-term care or in-home assistance
✔ Eliminate debt and financial obligations
✔ Create a comfort fund for travel or family experiences
✔ Plan your estate or final expenses
Frequently Asked Questions (FAQs)
1. Are viatical settlements legal in Florida?
Yes, Florida regulates viatical settlements to protect policyholders.
2. How fast can I get paid?
Most viatical settlements close within 30 days after documentation is complete.
3. Will I owe taxes on my settlement?
If you meet IRS qualifications (terminal or chronic illness), your proceeds are tax-free.
4. Do I have to pay anything upfront?
No, there are no upfront fees—we only earn a commission after you accept an offer.
Final Thoughts
If you live in Fort Lauderdale and are facing a serious illness, a viatical insurance settlement can provide immediate, tax-free cash when you need it most—without the burden of future premiums.
At Summit Life Insurance, we are dedicated to helping you navigate this process with compassion, professionalism, and transparency.
Ready to find out how much your policy is worth? Contact Summit Life Insurance today for a free, no-obligation viatical settlement evaluation.
