If you’re looking into a viatical settlement, it’s important not to do so alone. In fact, depending on what state you live in, you may be legally required to have a licensed broker take part in the agreement. However, even when they are not legally required, brokers are invaluable for in that they handle just about everything throughout the process. A good broker will get all your medical records, your LE’s and all the relevant paperwork gathered in order to bring your policy to the market. A broker should also keep track of the paperwork involved in the agreement, as well as ensuring you are obeying all applicable regulations.
When choosing a viatical settlement broker, look for someone who is fully-licensed and transparent about their fees and policies. Find someone who offers competitive bidding, who has connections to many potential buyers. A good broker has long-standing relationships with buyers, making shopping your policy simple as possible. A good broker has access to a buy-ready market, meaning they bring together many potential providers to vie for your policy. The broker should also assure you they will keep all your medical and financial information both secure and private. In addition, your broker should have errors and omissions insurance coverage, which will compensate you if they make a costly mistake. Finally, the best viatical settlement brokers keep medical professionals on their staff, as assessing the state of your health is necessary to be sure selling your insurance policy is a good investment.
A viatical settlement can be a valuable financial venture, but like any investment, you have to be sure it is right for you. Be sure that you compare settlements to all the different available options, to make use of your assets and consider potential brokers and providers who will work with you honestly and effectively. The more you learn about your viatical settlement broker, the easier it will be to make the best financial decision for yourself and your loved ones.