A viatical settlement (or viaticals) is the sale of a life insurance policy of a terminally ill individual to a third party. Typically viaticals involve a person who has a life expectancy of less than 2 years. This assessment is based on the nature of the illness or condition, and a review of the particular person’s records by doctors.

The owner of the policy (who is typically, but not necessarily, the individual with a life-threatening illness) receives cash for the policy, and the owner transfers the policy to the person buying the policy. In these transactions, the viaticals provider becomes the new owner and/or beneficiary of the life insurance policy and is responsible for paying all future premium payments, and collecting the entire death benefit of the policy upon the death of the insured.

In many cases the viaticals process is handled by a broker who serves as the intermediary between the person with the life threatening illness and the person buying the policy.

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