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A viatical settlement broker bond is a type of surety bond. It includes selling a life insurance policy to a third party. Typically, a viatical settlement takes place when people have life-threatening illnesses. It dates back to the 1980s when AIDS was incurable, and people wanted cash for their life insurance policies. Things are different these days, but viatical settlement broker bonds are still active.
Basically, the viatical settlement bond allows life insurance policy owners to sell their policies at a discount. The buyer of the policy becomes a new owner who pays the premiums and receives all the benefits from the policy after the original owner dies.
Viatical settlement broker bonds involve three parties like all other surety bonds.
The return of the insurance policy depends on the seller’s life expectancy and the actual time of death. That makes the viatical settlement broker bond a little risky. If the seller lives longer than expected, the return will be lower and the new owner might have to pay for the additional premiums for policy maintenance.
The viatical settlement broker bond cost will depend on the company that issues the bond and the insurance policy itself. Most viatical settlement brokers charge from 1% to 5% of the total bond amount. Bonding Solution works for many years to ensure the lowest industry rates for its clients and ensure high-quality services regardless of the bond type. If you’re interested in the rate for a viatical settlement broker bond, you can send a free quote here.
To obtain the viatical settlement provider broker bond, an individual must be at least 18 years old, financially responsible, and trustworthy. The bond is required by certain government jurisdictions to ensure that viatical providers will meet the regulations from the insurance. If the claim is made against the bond, the company that issued the bond is there to compensate it.
Contact Bonding Solutions today to get started with your Viatical Settlement Broker Bond application. We also offer online applications for a quick approval process. Bonding Solutions has been a leading national surety for decades; we are the team to call to handle all of your bond needs.Get Started