Many Fort Lauderdale residents don’t realize that their life insurance policy could be the key to immediate financial relief through a viatical settlement.
At Summit Life Insurance, we act as your licensed viatical settlement broker in Fort Lauderdale, guiding you through the process with compassion and ensuring you get the highest possible payout—all while protecting your rights under Florida law.
What Is a Viatical Settlement?
A viatical settlement is the sale of a life insurance policy by someone who is terminally or chronically ill. Instead of waiting for beneficiaries to receive the death benefit later, you receive a lump sum of cash now.
Here’s how it works:
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The buyer pays you cash immediately.
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They take over all future premium payments.
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The buyer becomes the new beneficiary of the policy.
This option provides quick access to money for:
✔ Medical treatment
✔ Long-term care
✔ Living expenses
✔ Debt relief
✔ Enhancing quality of life
Why Use a Viatical Settlement Broker in Fort Lauderdale?
A licensed broker works on your behalf—not the buyer’s. Our role at Summit Life Insurance is to:
✔ Shop your policy to multiple licensed buyers
✔ Negotiate the highest settlement offer
✔ Protect you under Florida’s strict regulations
✔ Provide clear and compassionate guidance
Without a broker, you may only get one offer. With us, you get competitive bids that can increase your payout by 20–50% on average.
Benefits of a Viatical Settlement
✔ Immediate Cash Relief – Access funds within 30–60 days.
✔ No More Premium Payments – The buyer covers all future costs.
✔ Use Money Your Way – No restrictions on how you spend it.
✔ Tax Advantages – Most viatical settlements are tax-free under IRS rules.
Who Qualifies for a Viatical Settlement?
You may qualify if you:
✔ Have been diagnosed as terminally or chronically ill
✔ Own a policy with at least $100,000 face value
✔ Hold Universal Life, Whole Life, or Convertible Term insurance
✔ Need immediate financial relief
Are Viatical Settlements Taxable?
One of the biggest benefits is that most viatical settlement proceeds are tax-free.
The IRS excludes proceeds from taxation if:
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The seller is terminally or chronically ill
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The buyer is a licensed viatical settlement provider
This makes viatical settlements an especially valuable option for Fort Lauderdale residents facing significant medical or end-of-life expenses.
Example Scenario
Angela, a 68-year-old Fort Lauderdale resident, owns a $300,000 whole life policy but has been diagnosed with a serious illness. Premiums are no longer affordable, and she needs money for treatment.
Through Summit Life Insurance:
✔ Angela sells her policy for $140,000 cash.
✔ Premium payments are eliminated immediately.
✔ She uses the funds for care and living expenses.
✔ Because this is a viatical settlement, her payout is tax-free.
Florida Regulations Protect You
Florida has strong consumer protections in place for viatical settlements:
✔ Brokers must be licensed by the Florida Office of Insurance Regulation (OIR).
✔ All fees and offers must be disclosed in writing.
✔ Policyholders have a rescission period (time to change their mind).
✔ Settlements are conducted with full transparency.
When you choose Summit Life Insurance, you can feel confident that every step is legal and fair.
Broker vs Direct Buyer – Why Choose a Broker?
| Feature | Licensed Broker (Summit Life Insurance) | Direct Buyer |
|---|---|---|
| Works For | You, the policyholder | Themselves |
| Offers | Multiple competitive bids | Single offer |
| Licensing | Licensed in Florida | May not be |
| Transparency | Full disclosure by law | Limited |
| Average Payout | 20–50% higher | Usually lower |
The Summit Life Insurance Process
We make the process simple for Fort Lauderdale residents:
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Free Consultation – We review your policy and medical situation.
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Market Your Policy – Present it to multiple licensed buyers.
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Compare Offers – We show you all bids transparently.
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Select Best Option – You stay in control.
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Receive Cash – Settlement funds are typically paid within 30–60 days.
FAQs About Viatical Settlement Brokers in Fort Lauderdale
1. Is a viatical settlement legal in Florida?
Yes, but only with a licensed broker or provider.
2. Are viatical settlements taxable?
In most cases, no. Proceeds are tax-free if you are terminally or chronically ill.
3. How much can I expect to receive?
Typically 30–70% of your policy’s face value, depending on health and policy details.
4. Will my family lose the death benefit?
Yes, the buyer becomes the beneficiary. However, in some cases, you may negotiate a retained death benefit so your heirs still receive part of it.
Final Thoughts
When health challenges arise, financial stability becomes more important than ever. A viatical settlement can provide immediate relief, but working with a licensed broker in Fort Lauderdale ensures you get the best outcome.
At Summit Life Insurance, we’re here to guide you with compassion, maximize your payout, and ensure full legal compliance.
Contact Summit Life Insurance today for a free consultation and see how much your life insurance policy could be worth.
