When facing a serious illness, financial stress should be the last thing on your mind. If you have a life insurance policy you no longer need or can afford, a viatical settlement could provide the financial relief you need. But navigating this process on your own can be complicated—that’s where a licensed viatical settlement broker comes in.
At Summit Life Insurance, we specialize in helping policyholders in Fort Lauderdale secure the highest possible payout through viatical settlements. Our expert brokers make the process simple, fast, and stress-free.
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. This option is available to individuals who are:
✔ Diagnosed with a terminal illness (life expectancy of 24 months or less).
✔ Chronically ill (unable to perform two or more activities of daily living or require continuous care).
The buyer becomes the new policy owner, assumes responsibility for premium payments, and collects the death benefit when the insured passes away.
Why Work With a Viatical Settlement Broker in Fort Lauderdale?
You could try to sell your policy directly to a settlement provider, but doing so limits your options. Working with a broker like Summit Life Insurance offers key advantages:
✔ Access to Multiple Buyers – We shop your policy to several licensed providers to get you the highest possible offer.
✔ Expert Negotiation – We know the market and negotiate on your behalf.
✔ Compliance with Florida Law – Viatical settlements are regulated by the Florida Office of Insurance Regulation; we ensure full compliance.
✔ Confidential and Secure Process – Your privacy is our top priority.
The bottom line: a broker works for YOU, not the buyer.
Benefits of Choosing a Viatical Settlement
✔ Immediate Access to Cash – Pay for medical bills, home care, or anything else you need.
✔ Tax Advantages – Most viatical settlements are tax-free under IRS rules when you meet the terminal or chronic illness criteria.
✔ Eliminate Premium Payments – Stop paying costly insurance premiums.
✔ Financial Flexibility – Use the funds for your care, family needs, or quality of life.
How Does the Process Work with Summit Life Insurance?
Our process is simple and transparent:
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Free Policy Evaluation – We review your policy, age, and health status to determine eligibility.
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Market Shopping – We present your policy to multiple licensed viatical settlement providers.
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Receive Offers – We bring you the top offers and explain all terms clearly.
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Close the Deal – Complete the paperwork, transfer ownership, and receive your cash payment—usually in 30 days or less.
Why Choose Summit Life Insurance as Your Viatical Settlement Broker?
At Summit Life Insurance, we’ve built a reputation as a trusted name in Fort Lauderdale’s viatical settlement market because we:
✔ Represent You – Our loyalty is to policyholders, not buyers.
✔ Deliver Maximum Payouts – We leverage competition among buyers to get the best price.
✔ Provide Personalized Support – You get a dedicated advisor from start to finish.
✔ Ensure Full Compliance – We work only with licensed providers to protect your interests.
Are Viatical Settlements Taxable?
In most cases, no. The IRS excludes viatical settlement proceeds from taxable income if:
✔ You are terminally or chronically ill (as defined by the IRS).
✔ The buyer is a licensed viatical settlement provider.
Always confirm your situation with a tax professional, but for most qualified individuals, the payout is tax-free.
Who Qualifies for a Viatical Settlement in Fort Lauderdale?
✔ Terminally ill individuals with a life expectancy of 24 months or less.
✔ Policyholders with a life insurance policy of $100,000 or more (Universal, Whole, or Convertible Term).
✔ Individuals who no longer want or can afford premium payments.
If you meet these criteria, you could receive tens of thousands—or even hundreds of thousands—of dollars for your policy.
Frequently Asked Questions (FAQs)
1. How much can I get for my policy?
Payouts vary, but typically range from 50%–70% of the death benefit, depending on your health and policy details.
2. How long does the process take?
Most viatical settlements close in 30–45 days.
3. Is my information confidential?
Yes, we take strict measures to protect your privacy.
4. Do I pay taxes on my payout?
Most viatical settlements are tax-free under IRS guidelines if you meet the health requirements.
Final Thoughts
If you live in Fort Lauderdale, FL, and are facing a serious illness, a viatical settlement could provide much-needed financial relief. Working with a trusted broker like Summit Life Insurance ensures you get the maximum value for your policy, with a process that’s fast, transparent, and fully compliant with Florida law.
Ready to see what your policy is worth? Contact Summit Life Insurance today for a free, no-obligation consultation with a licensed viatical settlement broker.
