Holding a master’s degree in environmental engineering from the Georgia Institute of Technology, Eugene E. Houchins III is the president and founder of the American Life Fund (ALF) corporation, a business that offers viatical settlement services for individuals with life-threatening illnesses such as cancer. Eugene E. Houchins III is dedicated to turning ALF into a leader in the field.
A viatical settlement is an agreement between the insured of an existing life insurance policy and a third-party company. The agreement consists of the purchase of the life insurance policy of the insured person for an immediate cash payout inferior to the death benefit, but higher than the cash surrender value. The third-party company then becomes the new life insurance policyholder, while the insured receives the lump sum cash payout.
To apply for a viatical settlement with ALF, the insured person can start by estimating the value of his or her policy, which will vary depending on the age, gender, type and stage of illness, and value of life insurance plan. Then, the applicant can download the application forms, fill them out, and send them to the company via email, FedEx, mail or fax.
After the forms are received, the applicant will speak with a financial counselor who will explain more about how the process of a viatical settlement works. Depending on the policyholder’s resident location, they may be referred to a licensed person or entity in that particular state. ALF always recommends that the insured contact both his or her legal and accounting representative prior to entering into this type of transaction and discussing alternatives with a licensed life insurance agent or life settlement broker.