The policy, as a rule, must be individually owned or a group policy that can be converted to an individually-owned policy or absolutely assigned for value. Most companies require the policy to have been in effect for two years or more and not subject to contestability. This is a decision you should discuss with your family. That can vary greatly, but in most cases, once American Viatical Corporation receives completed paperwork, which includes a complete set of medical records, a copy of your insurance policy and an application, the individual selling a policy can expect to be paid within 4 to 6 weeks. American Viatical Corporation, is very sensitive to the confidential nature of dealing with individuals facing a life-threatening illness and that person's financial situation.
People living with a potentially terminal illness often face dire financial needs.
Often no longer able to work, they must make very difficult choices about food, shelter and medicine. Rather than letting the policy lapse, an option is to sell it, avoiding a loss of years of premium payments and the total face value. Different states have different regulations. The process of selling your life insurance policy is available in almost every state. Many states require viatical companies to be licensed.