A viatical contract is viatical settlement agreement. A terminally ill insured person can sell their life insurance policy in a viatical settlement or viatical contract. For many terminally or chronically ill people a life insurance policy is the last valuable asset they have other than their home. This type of asset can be sold for a large cash sum to assist with the cost of medical expenses.
Usually included in a viatical contract is verification of diagnosis from a physician of the terminal or chronic illness. Also included is a life expectancy report and proof that the life insurance policy is beyond the required contestability period.
Based on the information above, a funder will purchase the viatical for an agreed upon amount. By signing the viatical contract the policy owner agrees to turn the policy over to a secondary owner and forfeit the death benefit for a lump cash sum.
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