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 the viatical company 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. Absolutely, most viatical companies are 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. Different states have different regulations. The process is available in all 50 states. In many states, the companies are licensed.