Does an insured have benefits available from his/her own insurance company?
In some cases the insurance company may offer accelerated benefits or have a living benefit rider. If the insured qualifies, the insurance company will pay a certain percentage of the total benefit if the viator meets certain requirements. Examples of such requirements might be 6-12 months life expectancy (12 months is high with most insurance companies), home health care or nursing home care, and total disability. In most cases the amount offered by the insurer is significantly lower than the offers from viatical settlement companies and is not available until the policyholder is considerably closer to death. Insurers will usually only offer to accelerate a portion of the policy, the remainder of which, less interest and fees, is paid to the original beneficiaries at the time of the insured’s death. It is a good idea to compare a viatical settlement offer with what your insurance company has to offer, to determine which route is best for each individual.
