Frequently Asked Questions

A life settlement involves selling your life insurance policy to a third party for a cash payout that is more than the cash surrender value but less than the death benefit. This option is ideal for policyholders who no longer need or can afford their coverage, typically those over age 65 or who have experienced a change in health. Our team at Florida Life Settlement Advisors guides you through every step of the process.

A viatical settlement is similar to a life settlement but is specifically for policyholders diagnosed with a terminal illness, typically with a life expectancy of two years or less. It allows you to sell your policy for a lump sum of cash to cover medical expenses, living costs, or any other needs. Viatical settlement proceeds are generally tax-free under federal law.

Most universal life, whole life, and convertible term life insurance policies qualify for a life settlement, provided the policyholder is typically over age 65 or has experienced a change in health. The policy's face value, premium cost, and remaining coverage period also play a role in determining eligibility.

The life settlement process in Florida usually takes 30 to 90 days, depending on how quickly policy information and medical records are received. Working with a licensed life settlement advisor like Florida Life Settlement Advisors can help streamline the process, from appraisal to final payout.

In most cases, the proceeds from a life settlement may be subject to capital gains tax, depending on your cost basis and total payout. However, viatical settlements for individuals with a terminal illness are generally tax-free under federal law. We always recommend consulting a tax professional for personalized guidance.

A life settlement involves selling your policy when you no longer need or can afford it, typically after age 65. A viatical settlement applies when the insured is diagnosed with a terminal or chronic illness and needs immediate funds. Both provide a lump-sum cash payout higher than the policy's surrender value.

It's easy. Call us at (813) 212-2267 or fill out our short online form on the estimate page to get a free, no-obligation life settlement quote. We'll review your policy details, provide a transparent valuation, and explain your options clearly.