A viatical broker is an individual or company that helps negotiate for the highest offer on your life insurance policy. They also help the seller complete the application, and obtain required medical records and a copy of their insurance policy. They are also available to answer any questions you have during a settlement. Brokers also carry out some of the underwriting work required to be done while working out an offer.

Viatical brokers are paid a commission for their services, in the same way as the real estate brokers and stock market brokers. But there is a difference: the viatical broker has the responsibility of processing the transaction in a more complex way, and he gets his money from the funder. He has to prepare the item (insurance file) for sale in such a way that promotes its value. For a real estate broker or stockbroker, it is relatively easier to showcase the item they want to sell in a market.

We must understand that it is difficult for viatical settlement policy owners to talk about dying. So the approach of the viatical brokers should involve listening, then advising. A viatical broker must have a tremendous depth of knowledge about the viatical settlement industry, which he should willingly share with you.

A viatical broker should negotiate with funding companies to get the best offers and help viators obtain information needed to get an offer. He will then relay the best offer and also try and give an idea of the range of lower offers as a point of comparison. Viatical brokers do not buy the insurance policy; the funding company does that. After an offer is accepted and finalized, a viatical broker does not present payment to the seller, although he assists in the process. The funding provider takes care of the payment part.

By law, viatical brokers are not supposed to charge any fee to the viator. An efficient viatical broker will always work in the best interest of their clients.