Viatical Settlement Information
A viatical settlement allows a terminally ill person to receive a portion of his or her life insurance benefits while he or she is still alive. Viatical settlement companies purchase life insurance policies from people diagnosed with terminal illnesses at a discount of face value. The insured receives a lump-sum payment. The company, which becomes the owner and beneficiary of the policy, is required to pay all future premiums. In return, the company collects the full amount of the policy when the insured dies. Contact a licensed viatical broker or viatical settlements provider for information about viatical settlements. The Mississippi Viatical Settlements Act of 2000 requires disclosure of many facts as aspects surrounding viatical settlement transactions, including the financial consequences of selling your life insurance policy and possible alternatives. Consult your own financial advisor, who knows your personal financial needs. Complaints and inquiries regarding viatical settlements should be directed to the Mississippi Secretary of State's Office's  Business Services Division at 601-359-6367 or 800-804-6364.