Viatical settlements are settlements that involve a terminally ill or chronically ill individual that have two years or less life expectancy. A broker helps the policy owner find a funder that is legally allowed to purchase the life insurance policy from the owner for less than the death benefit of the life insurance policy. The shorter the life expectancy the higher the purchase price will be.
At the purchase of the life insurance policy the ownership and beneficiary of the policy changes from the current owner and beneficiary that was designated by the insured to the funder designated owner and beneficiary.
Viatical settlements are a between two parties, the owner and the funder, for financial gain on both parts. The owner gets a partial pay off of the death benefit without having to wait for the death of the insured and the funder gets the entire death benefit at the death of the insured which pays them back the money they have already paid the original owner of the policy.
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