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Viatical
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Viatical companies may have other rules about the types of policies that they will buy, or the insurance companies they will consider. The companies normally will review your medical records and decide how much they would be willing to pay. The whole process usually takes about 3 weeks to 2 months or more.
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Viatical companies make money by purchasing life insurance policies from people with serious or even terminal illness, or from the elderly. The company typically pays the policy owner a price that is higher than the surrender value of the policy but lower than the death benefit. With this arrangement, a terminally ill or elderly policy owner can make more money by selling to a viatical company than they would be cashing in their policy. Also, the viatical company makes a profit because they receive the death benefit when the insured dies; an amount that is higher than they paid for the policy.
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Viatical brokers are paid a commission for their services, in the same way as the real estate brokers and stock market brokers. But there is a difference: the viatical broker has the responsibility of processing the transaction in a more complex way, and he gets his money from the funder. He has to prepare the item (insurance file) for sale in such a way that promotes its value. For a real estate broker or stockbroker, it is relatively easier to “showcase” the item they want to sell in a market.
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Viatical investments were established in 1989 and came into vogue in the late 1990s. At that time, interest rates were falling, and viaticals were seen by many as an alternative to other interest-bearing investments.
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The best way to approach the viatical and senior life settlement business is to do what you are best suited for: establish business relationships. As with any business you need a source for your product, a center for operations and an effort to reach the consumer. With Individual Benefits at your side, the sourcing and operations function is performed by a professional, well established firm. All you need to do is prospect.
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The term viatical comes from the Christian doctrine of Viatica. The term applied to administering the Eucharist to a person near death. During the Roman Empire, the term Viaticum referred to money and supplies given to officials before embarking on a risky journey.
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