There is no shortage of information available for those interested in life settlements, however often times a viatical definition can be improperly used.
The term or definition for a life settlement is often confused with the viatical definition. A viatical settlement is a settlement where as the insured is terminally ill and has less than 24 months to live as determined by a life expectancy company.
A life expectancy company is a company that will review a persons medical history, and based on numerous calculations, will estimate how long a client is expected to live.
The viatical definition is often used as a general term for a life settlement or visa versa. A life settlement is similar to a viatical, with the major difference being the life expectancy over 24 months.
Since the life expectancies are so short for a viatical settlement, the offers to purchase tend to be higher as well, with the average being around 50% (of policy face amount), with 60% or higher is not unheard of.
For more information on how much you policy could be worth, visit LivePDQ today!