Let’s start at the beginning; a viatical insurance settlement is the sale of a life insurance policy where the insured has a terminal or chronic illness with a life expectancy of less than two years.
Private schools, universities, churches and various other charitable entities receive life insurance policies as donations on a regular basis and some of these entities have learned about life settlements as a way to reduce yearly expenditures and increase revenue. The policies are also able to be sold as a viatical settlement on those policies where the charity is the beneficiary or owner of the policy.
The charity must discuss with the policy owner if they are interested in participating in a viatical insurance settlement or a regular life settlement as a means to create cash flow for the charity as well as eliminate an expense for the policy owner.
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