If you or a loved one is facing a life-threatening illness and holds a life insurance policy, a viatical insurance settlement in Fort Lauderdale could offer much-needed financial relief. This option allows policyholders to convert their existing life insurance into immediate cash, helping cover medical expenses, long-term care, or quality-of-life improvements. With the guidance of trusted professionals like Summit Life Insurance, you can explore this compassionate solution with confidence and clarity.
What Is a Viatical Insurance Settlement?
A viatical insurance settlement is the sale of an existing life insurance policy by someone with a terminal or chronic illness to a third-party buyer. In exchange, the policyholder receives a lump-sum payment that is typically higher than the policy’s cash surrender value but less than the death benefit. The buyer takes over premium payments and becomes the beneficiary.
This financial option is especially relevant in Fort Lauderdale, where retirees and individuals with serious illnesses often face high healthcare costs.
Who Qualifies for a Viatical Settlement?
Eligibility for a viatical settlement in Fort Lauderdale typically includes:
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Being diagnosed with a terminal illness (life expectancy of 24 months or less) or a chronic illness
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Owning a life insurance policy with a face value of $100,000 or more
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Being over age 65, or younger with a qualifying medical condition
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Having a transferable policy from a qualifying insurance provider
At Summit Life Insurance, we provide a free, no-obligation review to help determine if you qualify and walk you through the next steps.
How Summit Life Insurance Can Help
As a trusted viatical insurance settlement company in Fort Lauderdale, Summit Life Insurance serves as your advocate through every stage of the process. Our experienced team:
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Reviews your current policy and health status
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Helps you gather required documentation
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Shops your policy to licensed settlement providers
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Negotiates the best possible payout for your needs
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Ensures transparency, confidentiality, and personalized support
Whether you're navigating this alone or with family members, we’re here to provide expert guidance tailored to your situation.
Benefits of a Viatical Insurance Settlement
There are several important benefits to choosing a viatical insurance settlement in Fort Lauderdale:
1. Immediate Cash Payment
Receive funds you can use for medical bills, home care, alternative treatments, or simply to improve your quality of life.
2. No Restrictions on Use
The proceeds from a viatical settlement can be used for any purpose — healthcare, travel, family support, or even paying off debt.
3. No More Premium Payments
The buyer takes over premium responsibilities, eliminating a major financial burden for the insured.
4. Compassionate Financial Planning
This option prioritizes comfort, dignity, and financial freedom during one of life’s most challenging times.
Fort Lauderdale’s Growing Demand for Viatical Settlements
With its large retiree and senior population, Fort Lauderdale sees a growing interest in viatical insurance settlements. Residents facing chronic illness, cancer, or other terminal diagnoses often look for financial alternatives that provide relief without waiting until the policy matures. Summit Life Insurance is proud to serve as a local leader in this space, helping Fort Lauderdale families regain control of their financial future.
How Is a Viatical Settlement Taxed?
In most cases, viatical settlements are tax-free for the policyholder, especially when the insured is terminally ill and the buyer is a licensed viatical settlement provider. This makes the payout even more valuable.
Summit Life Insurance always recommends working with your accountant or financial advisor to review any tax considerations specific to your case. We can also provide referrals to trusted professionals in Fort Lauderdale.
Why Choose Summit Life Insurance?
Summit Life Insurance isn’t just another broker — we’re an ally. Our clients in Fort Lauderdale trust us for our:
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Local Expertise: We understand Florida regulations and local healthcare challenges.
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Integrity: Transparent processes with no hidden fees.
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Compassionate Care: We work with families and individuals facing the most difficult decisions with sensitivity and respect.
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Customized Offers: We shop your policy to multiple licensed providers to ensure competitive offers.
FAQs About Viatical Insurance Settlements
Q1: How quickly can I receive funds from a viatical settlement?
A: Most settlements close within 2–4 weeks, depending on documentation and underwriting.
Q2: Is my privacy protected?
A: Absolutely. At Summit Life Insurance, we handle all personal information with strict confidentiality and follow HIPAA-compliant protocols.
Q3: Can I still get a viatical settlement if I have a term life policy?
A: Yes, but the term policy must be convertible to a permanent plan. We can help determine this.
Q4: Will I owe taxes on the payout?
A: Generally, viatical settlements for terminally ill individuals are tax-free. We can review this in detail with you.
Q5: Do I need to continue paying premiums?
A: No. Once your policy is sold, the buyer assumes all premium payments.
Ready to Explore Your Options?
If you or someone you love is facing a serious illness, a viatical insurance settlement in Fort Lauderdale may be the right choice. With Summit Life Insurance, you're not just selling a policy — you're gaining peace of mind, financial flexibility, and a partner who puts your well-being first.
Contact Summit Life Insurance today for a free, confidential consultation and find out how much your policy could be worth.
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