Viatical Settlement With Life Insurances (Money Articles Update)
Viatical settlement originated from the Latin word 'Viaticum', meaning the Eucharist given by a priest to a dying person. Viatical settlement therefore refers to the purchase of the life insurance policy before the maturity date or the death of the policyholder. In it a lump sum amount is paid to the ill-policy owner, also called as viator, in exchange of the death benefits of the policy.
ABCs of Life Insurance Settlement
When you have a life insurance policy, you may think that the only way you can get money from the policy is for you to die! Luckily, there is another way in which you can use the value of your life insurance policy to get cash. If you have a life insurance policy which you no longer need or want, you can sell it to a third party. This third party will give you more cash than what the life insurance company will give you. The third party then becomes the beneficiary of the policy and will make payments on it.
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