When facing a serious illness, financial security often becomes a top concern. For many Fort Lauderdale residents, a viatical settlement provides much-needed relief—allowing you to sell your life insurance policy for a lump sum of cash, often tax-free.
At Summit Life Insurance, we act as your licensed viatical settlement broker in Fort Lauderdale, ensuring you get the highest payout, full legal protection, and compassionate guidance every step of the way.
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 the death benefit, the policyholder receives an immediate cash payment.
✔ The buyer pays you cash now.
✔ They take over premium payments.
✔ Your beneficiaries no longer receive the death benefit.
This financial option can help cover:
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Medical expenses
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Long-term care
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Living expenses
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Debt relief
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Quality-of-life improvements
Why Work With a Licensed Viatical Settlement Broker in Fort Lauderdale?
A viatical settlement broker works for you, not the buyer. Our job is to:
✔ Shop your policy to multiple licensed buyers
✔ Negotiate the highest possible offer
✔ Ensure compliance with Florida regulations
✔ Protect your best interests
By law, Florida requires viatical settlement brokers to be licensed by the Office of Insurance Regulation (OIR), giving you added protection from fraud or unfair offers.
Benefits of Using Summit Life Insurance as Your Broker
✔ Maximized Payouts – We create competition among buyers.
✔ Compassionate Service – We understand the sensitive nature of viatical settlements.
✔ Full Legal Compliance – Licensed and regulated in Florida.
✔ Confidential & Secure – Your health and financial details remain private.
✔ No Upfront Fees – We only get paid if you do.
Who Qualifies for a Viatical Settlement?
You may qualify if you:
✔ Have a terminal or chronic illness
✔ Own a life insurance policy with $100,000+ in face value
✔ Have Universal Life, Whole Life, or Convertible Term insurance
✔ Are struggling with high premiums or medical costs
Are Viatical Settlements Taxable?
In most cases, no. The IRS provides special tax treatment for viatical settlements:
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If the seller is terminally or chronically ill, the proceeds are typically tax-free.
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The buyer must be a licensed viatical settlement provider.
This makes viatical settlements one of the most tax-advantaged ways to access life insurance value.
Example Scenario
Maria, age 70, lives in Fort Lauderdale and owns a $400,000 whole life policy. She has been diagnosed with a serious illness and can no longer afford the $500/month premium.
Through Summit Life Insurance:
✔ She sells the policy for $180,000 cash.
✔ Premiums are eliminated immediately.
✔ She uses the money to pay for medical care and secure her retirement living.
Without a licensed broker, Maria may have only received half that amount.
Florida Regulations Protecting You
Florida has some of the strongest consumer protections in the nation for viatical settlements. Brokers must:
✔ Be licensed by the Florida OIR.
✔ Provide full disclosure of fees and offers.
✔ Ensure you receive the best available deal.
✔ Handle all transactions with transparency and fairness.
The Process with Summit Life Insurance
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Free Consultation – We review your policy and health status.
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Market Your Policy – We present it to multiple licensed buyers.
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Receive Offers – Compare competitive bids.
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Choose Best Option – You decide what works for you.
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Get Paid – Receive a lump sum cash payout, usually in 30–60 days.
FAQs
1. Is a viatical settlement legal in Florida?
Yes, but only through licensed brokers and providers.
2. Are the proceeds taxable?
Usually not, if you are terminally or chronically ill.
3. How much can I get?
Typically 30–70% of the policy’s face amount, depending on your health and policy details.
4. Does my family lose the death benefit?
Yes, the buyer becomes the new beneficiary. However, some deals allow for a retained death benefit so your heirs still receive a portion.
Why Choose Summit Life Insurance in Fort Lauderdale?
✔ Licensed Florida Viatical Broker – Full legal compliance.
✔ Compassionate Guidance – Sensitive support for families.
✔ Highest Payouts – We shop your policy to multiple buyers.
✔ No Pressure, No Risk – Free policy review with no obligation.
Final Thoughts
A viatical settlement can be a lifeline when facing medical and financial challenges. But to get the best outcome, it’s critical to work with a licensed viatical settlement broker in Fort Lauderdale.
At Summit Life Insurance, we protect your interests, maximize your payout, and provide caring, confidential service.
Contact Summit Life Insurance today for a free consultation and discover how much your policy is worth.
