Viatical: For The Terminally Ill
Posted by The Policy Settlement Alliance on Thu, Jul 29, 2010 @ 04:59 PM
By Richard S. Bernstein
A viatical is when a person who is terminally ill sells their life insurance policy to a third party for a specified lump sum.
The viatical settlements began in the 1980’s during AIDS epidemic. People needed the money to pay for their mounting health insurance bills and investors were willing to write a check since they knew the mortality rate was quite high for these cases.
Viatical settlements have now evolved to cover all life threatening illnesses. If one is sick it becomes very expensive because one finds themselves paying for doctor bills, nurses, hospital bills, and the drugs required to live. As the illness gets worst one may want around the clock, private care which makes it even more expensive.
That is why many people decide to turn to viaticals because this enables one to get cash which pays for their living expenses.
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