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| Anne's Story A single mother of two adult children, Anne was diagnosed with breast cancer. After meeting with a benefits counselor referred by Wilbanks, Anne learned how to separate from work with only a minimal decrease in her monthly income. READ MORE >> |
A Viatical Settlement is the sale of an existing life insurance policy by a person with a catastrophic illness to another party.
Viatical Settlements are often used for the following reasons:
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To help maintain quality of life. When you become disabled, you often find that your income has decreased while your expenses have increased. A Viatical Settlement provides you the funds to bridge the gap between increasing expenses and decreasing income. |
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To provide the means to pay out-of-pocket medical expenses. |
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To allow you to realize life dreams. A Viatical Settlement provides you with the resources to enjoy life dreams that you had to postpone for lack of financial resources. |
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Qualifications
Viatical Settlements are underwritten on a case-by-case basis. Many factors about your particular catastrophic health condition will be factored into both consideration and acceptance of your file. Some conditions have more promising treatments than others, and such co-factors will influence the settlement offer. Age is not a limiting factor in viatical settlements.
Tax Advantages
Viatical Settlements are tax-exempt if you meet the following:
• Your settlement comes from a licensed settlement provider. • You meet the regulatory definition for a person with a catastrophic illness.Ask your tax professional and or have them check our partners.
Why We Are Unique
Aside from having developed the concept of a client representative, or broker, Wilbanks & Associates uses three different services to maximize the client's settlement. The company calls this the Triangulated Approach to Senior and Viatical Settlements and offers:
1) Viatication2) Benefits counseling3) Financial planningBenefits counseling assists individuals who wish to investigate all the effects of separating from work, tapping into programs that may increase their cash flow. Wilbanks & Associates works with financial planners who specialize in creating financial strategies for people with catastrophic illness. By combining these three areas of expertise, the viatical settlement becomes more effective.
Viatication
The only financial tool designed specifically to generate needed cash for people with catastrophic illnesses.
Is the sale of a life insurance policy by someone with a catastrophic illness for a lump sum settlement, usually 50% to 85% of the policy's face value?
Benefits Counseling
1) Understand the benefits available to you.
2) Create a strategic plan on how to activate and maximize these benefits.
The three major categories are:
• Employer Provided Benefits • Private Benefits • Public Entitlements Many of these programs interact with other programs, and a disruption or loss of your benefits can occur if you are not fully aware of each program and/or assisted by a qualified benefits counselor.
Financial Planning
1) Review all the available income sources
2) Create a time map that breaks down changes in your future income stream as it is affected by your benefits and your settlement.
A settlement should not be pursued until you have a strong understanding of how your benefits interact with future income streams.
3) Develop a financial strategy that incorporates:
• Future income streams from your benefits portfolio • Cash proceeds from a settlement • Your current income needs • Debt Know your diagnosis and how it affects your financial strategies and priorities
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