The purchase of a life insurance policy from a terminally ill insured for a percentage of the policy's face amount.

A settlement that enables a person facing terminal illness to sell a life insurance policy for cash to a third party (i.e., a viatical settlement company), who then becomes the beneficiary of the poli [..]

Technically speaking, a viatical settlement occurs when the holder of a life insurance policy sells the policy to a third party before the original owner dies. Most viatical settlements involve terminally ill people with life expectancies of less than two years who choose to sell their life insurance policies to raise money for their medical care.I [..]

Definition The purchase of a terminally ill person's life insurance policy for a certain percentage of the policy's face value.

[probably from Latin viaticum provision for a journey] : an agreement by which the owner of a life insurance policy covering a person (as the owner) with a catastrophic or life-threatening illness ...

Viatical settlement is the purchase of another person's life insurance policy benefits at a discount off face value. When the insured dies, the one who purchased the policy receives the full deat [..]

Payment of a portion of the proceeds from life insurance to an insured who is terminally ill.

The proceeds received from the sale of a life insurance policy, on the life of a terminally ill individual, to a third party. Viatical settlement companies purchase these policies at a discount of the [..]

Payment of a portion of the proceeds from Life Insurance to an Insured who is terminally ill.

Occurs when a person with terminal or chronic illness sells his/her life insurance policy to a third party for an amount that is less than the full amount of the death benefit.  The buyer becomes the new owner and/or beneficiary of the life insurance policy, pays all future premiums, and collects the entire death benefit when the insured dies.  Som [..]

A transaction where a lump sum cash payment is made to the owner of a life insurance policy to purchase both the rights of ownership and beneficiary designation where the Insured has 24 months or less [..]