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Applying and receiving a life insurance settlement or viatical payout normally takes about 60-90 days. No medical will be neccessary though you will need to release medical information so that the funding companies can determine their bid. The timeframe should look something like this:

• Day 1: Initial Contact - an initial contact by telephone would be made and a brief questionnaire (about 4-6 questions) will be completed to determine if your policy is within the range of what the funding companies will likely accept.
• Day 1: Application - if the initial questionnaire indicates you are a candidate for a life insurance settlement an application form will be sent to you for completion. This can be done by fax to expedite the process.
• Three to four weeks: Medical information and insurer reports - during this time medical information will be sought from your doctor and your insurer will be contacted to confirm policy details. While these requests are made promptly, it generally takes a number of weeks for doctors to confirm medical information. There should be no cost to the policy owner for the gathering of this information.
• Two Weeks: Shopping it out - with all the information in hand, the life insurance settlement can then be shopped out to various funding companies for bids. During this time the various funding companies will use the medical and policy information to determine what they feel they are willing to pay. During this time some funding companies may decline to offer, others may request additional information to aid them in their offer.
• One to Two Weeks: Offers will be brokered by the various funding companies,and the best of these offers will be presented. If you decide to select an offer a contract would be sent to you to review and sign. Upon receipt of the completed agreement, your life settlement will be placed in escrow. Escrow means your funds are placed with a third party to be released to you once certain conditions are met. In this case the conditions to be met are that the insurer transfer the policy. This is normally just a formality and the timeframe is simply a matter of the paperwork to clear through the insurance company.
• Two Weeks: Settlement and right to rescind - After the policy is transferred, the escrow agent will wire you your life settlement. You will have 15 days to completely rescind the agreement and return the money. Full details of this step should be discussed with your life insurance settlemennt broker.

Free Life Settlements or Viatical quote for your policy here.