When facing a serious medical diagnosis or terminal illness, financial pressures often rise alongside emotional stress. If you own a life insurance policy and are searching for ways to access cash now, a viatical settlement may provide the solution you need. But navigating this option requires more than just knowledge—it requires a trusted guide. That’s where a viatical settlement broker in Fort Lauderdale, like Summit Life Insurance, becomes an essential partner.
Viatical settlements can offer life-changing financial relief, but working with a qualified broker ensures you get fair value, full transparency, and compliance with Florida’s regulatory requirements. Let’s explore how viatical settlements work, why using a broker matters, and how Summit Life Insurance helps Fort Lauderdale residents make empowered financial decisions.
What Is a Viatical Settlement?
A viatical settlement is a financial transaction where a policyholder with a terminal or chronic illness sells their life insurance policy to a third-party investor for a lump-sum payment. The buyer becomes the policy’s new owner, pays future premiums, and eventually receives the death benefit.
This lump sum is often significantly more than the policy’s cash surrender value but less than the full death benefit. It can be used for:
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Medical treatments not covered by insurance
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Home healthcare or hospice
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Paying off debt
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Improving quality of life
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Supporting family or end-of-life plans
However, evaluating offers and ensuring you get fair market value is complex—that’s why working with a viatical settlement broker is so important.
Why Work with a Viatical Settlement Broker in Fort Lauderdale?
While some policyholders consider going directly to viatical providers, this often results in lower payouts. A broker works on your behalf, not the investor’s. Here’s how a broker protects your interests:
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Access to Multiple Buyers
A broker shops your policy around to a network of licensed viatical providers, creating a competitive bidding environment. -
Expert Valuation
Brokers understand how health status, policy terms, and premium costs affect your settlement value—and they help you interpret it clearly. -
Legal Compliance
Florida has strict viatical settlement laws. An experienced broker ensures all disclosures, timelines, and filings are properly handled. -
No Upfront Costs
Reputable brokers like Summit Life Insurance work on a commission-only basis, meaning we get paid only when you do.
In Fort Lauderdale, where medical costs and living expenses can be high, having a local, knowledgeable advocate makes a measurable difference.
Why Choose Summit Life Insurance as Your Viatical Settlement Broker?
At Summit Life Insurance, we specialize in viatical settlements and understand how sensitive and urgent these decisions can be. Our approach is built on compassion, clarity, and commitment to maximizing your return.
Here’s why clients in Fort Lauderdale trust us:
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Local Expertise
We know the Fort Lauderdale market, Florida insurance laws, and have strong relationships with reputable viatical settlement providers. -
Personalized Support
Every situation is different. We take the time to understand your medical, financial, and personal goals before recommending a course of action. -
Confidential Process
We treat your information with the highest level of confidentiality and professionalism, ensuring your privacy is always respected. -
Speed & Transparency
We work quickly to get you multiple offers, clearly explain the terms, and assist with every step of the documentation process.
Our mission is to help you regain financial control during a challenging time—without pressure, confusion, or unnecessary delays.
Is a Viatical Settlement Right for You?
Not everyone qualifies for or benefits from a viatical settlement. Summit Life Insurance offers free consultations to help Fort Lauderdale residents explore eligibility. Generally, you may qualify if:
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You have a terminal or chronic illness
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Your life expectancy is under 24 months
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Your policy has a face value of $100,000 or more
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You no longer need or can afford the policy
If you meet these criteria, a viatical settlement could offer much-needed liquidity to cover care costs, eliminate debt, or support your loved ones while you’re still here.
What to Expect During the Process
When you work with Summit Life Insurance as your viatical settlement broker in Fort Lauderdale, the process is straightforward:
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Initial Consultation – We review your situation and policy to determine eligibility.
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Policy Review & Application – We gather health records and policy details for submission to potential buyers.
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Offer Comparison – We bring you multiple offers from our network of licensed buyers.
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Negotiation & Acceptance – We help you select and negotiate the best offer.
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Closing – Funds are escrowed and released upon policy transfer.
Most viatical settlements can be completed within 3–6 weeks. You receive a lump sum, and there are no hidden fees or obligations.
Final Thoughts
Facing a serious illness is one of life’s most difficult challenges. But you don’t have to do it alone. Working with a viatical settlement broker in Fort Lauderdale like Summit Life Insurance can give you the financial freedom to focus on what truly matters—your health, your loved ones, and your peace of mind.
If you or a loved one is considering a viatical settlement, contact us today for a confidential, no-cost consultation. We’re here to answer your questions, explain your options, and advocate for your best outcome.
FAQs
1. What’s the difference between a viatical settlement and a life settlement?
A viatical settlement is for policyholders with a terminal or chronic illness. A life settlement is for seniors (typically 65+) in relatively good health who no longer need their policy.
2. Is a viatical settlement taxable in Fort Lauderdale, Florida?
In many cases, viatical settlements for terminally ill individuals are not taxable, but it’s best to consult a tax advisor.
3. How much can I expect to receive from a viatical settlement?
The payout is typically 50–80% of the death benefit, depending on life expectancy, premiums, and policy details.
4. Do I have to continue paying premiums after selling my policy?
No. The buyer becomes the new policy owner and takes over premium payments.
5. Can Summit Life Insurance help if my policy is small?
We review every policy. While larger policies are more likely to qualify, we’ll help you explore all your options—big or small.