A dictionary meaning for the word viatica is "the eucharist as given to a dying person or to one in danger of death". In the context of Viatical Settlement it means the selling of one's own life insurance policy to another in exchange for an immediate percentage of the death benefit. The person or in many cases, group of persons buying the rights to the policy have high expectation of the imminent death of the previous owner. The sooner the death of the previous owner, the higher the profit.
cash derived from sale of an insurance policy by a terminally ill policy holder
a cash purchase of the patient's life insurance policy
a financial transaction whereby the owner of life insurance policy sells that policy to an investor in exchange for a lump-sum payment
an act by a person who is terminally ill of cashing in a life insurance policy to pay for the necessary associated illness, medical expenses, and final wishes
an arrangement by which Living Gifts acquires a life insurance policy from a terminally ill patient
an arrangement in which a terminally ill or elderly person sells his or her life insurance benefits for a lump sum payment
an arrangement under which a person with a short life expectancy sells an insurance policy for cash up front
an excellent tool for the educated consumer who wants to maximize the value for their current life insurance
an investment contract pursuant to which an investor acquires an interest in the life insurance policy of a terminally ill person
a payment of money now from a company to a person who is literally on death's doorstep in exchange for ownership of that person's life insurance contract
a private transaction in which the owner of a life insurance
a process that enables a person with a life
a sale of a life insurance policy by a terminally ill patient to investors
a transaction in which an insured person with diminished life expectancy transfers the entitlement to receive a death benefit under the policy of insurance to another person
a transaction that takes place when a company pays a person who is terminally ill a percentage of the face value of that individual's life insurance policy
a unique financial assistance option for chronically ill individuals who have life insurance
a way for people, who are terminally ill to sell a life insurance policy for more than it's current cash surrender value
Lump sum cash settlement paid to an insurance policyholder in exchange for contract ownership rights, where the insured has a chronic or life threatening illness with a life expectancy of two years or less.
A viatical settlement assists terminally ill people by giving them cash in exchange for a group or individual life insurance policy. The insured sells his or her policy at a percentage of its face value. The cash advance can be used: To continue the insured’s health care at the highest quality To retain the insured’s independence and dignity by being financially able to select and pay for choices available To maintain one’s standard of living or preserve a home during serious illness To retire a debt To take a memorable trip or fulfill life wishes Please Note: Some states regulate viatical settlement companies. Your state insurance department can tell you which companies are licensed in your state. Beware, there are complex rules applicable to the tax treatment of viatical settlements. The receipt of a viatical settlement may jeopardize your entitlement to public benefits. GET CAREFUL ADVICE BEFORE SELLING YOUR INSURANCE.
payment made in exchange for beneficiary rights to a terminally ill person's life insurance policy.
Payment made in exchange for beneficiary rights to a life insurance policy of an insured person with a terminal illness.
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 become the beneficiaries of the policy upon the death of the policyholder.
Payment of a portion of the proceeds from life insurance to an insured who is terminally ill.
The purchase of a terminally ill person's life insurance policy for a certain percentage of the policy's face value. See Also accelerated benefits
A financial arrangement in which someone with a terminal disease sells his or her life insurance policy for a lump sum cash payment, the amount of which is at a discount from the policy's face value. The buyer cashes in the full amount of the policy when the insured person dies.
A cash lump sum paid in lieu of a life insurance policy's death benefits.
An arrangement in which someone with a terminal disease sells his or her life insurance policy at a discount from its face value for ready cash. The buyer cashes in the full amount of the policy when the original owner dies.
A viatical settlement is the sale of a life insurance policy by the policy owner before the policy matures. Such a sale, at a price discounted from the face amount of the policy but usually in excess of the premiums paid or current cash surrender value, provides the seller an immediate cash settlement. Generally, viatical settlements involve insured individuals with a life expectancy of less than two years.
