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Viatical Settlement


What is Viatical Settlement?

A viatical settlement allows you to invest in another person's life insurance policy. With a viatical settlement, you purchase the policy (or part of it) at a price that is less than the death benefit of the policy. When the seller dies, you collect the death benefit.

Your return depends upon the seller's life expectancy and the actual date he or she dies. If the seller dies before the estimated life expectancy, you may receive a higher return. But if the seller lives longer than expected, your return will be lower. You can even lose part of your principal investment if the person lives long enough so that you have to pay additional premiums to maintain the policy.

Viatical settlements can be risky investments. For these reasons, you should exercise caution and thoroughly investigate before you consider investing in a viatical settlement.

Many state insurance commissioners license the companies that buy viatical settlement to sell to investors and may have information about a specific company or viatical settlements in general. To find out who your state insurance regulator is, please visit the website of the National Association of Insurance Commissioners. The Federal Trade Commission also has information for those who are considering selling their life insurance policies.

Viatical Settlements

A viatical settlement is the purchase of a life insurance policy from a terminally ill person (viator) for a reduction of the face value of the policy. The purchase price is based on the life expectancy of the viator - the shorter the life expectancy, the greater the offer for the policy.
California law requires that anyone entering into or soliciting a viatical settlement be licensed by the Insurance Commissioner (California Insurance Code Sections 10113.1 and 10113.2). This licensure requirement applies to: (1) purchasers of the policy, (2) those who are assigned an ownership interest in the policy, including a collateral ownership interest; (3) brokers who assist the terminally ill in securing the best offer for their policy, (4) brokers who secure investors or purchasers for the policy; and (5) and those who purchase the policy after it has been purchased from the policyholder..

Generally speaking, the difference between a viatical settlement and a life or senior settlement is that a viatical settlement involves the sale of a policy from a person with a life-threatening or catastrophic illness or condition. (California Insurance Code Section 10113.1.) Although the words "life-threatening" and "catastrophic" have not yet been defined by regulations, it seems clear that a person who has been diagnosed with a terminal illness by a medical doctor would have a life-threatening illness or condition, and thus would be considered a viator if they were to sell their life insurance policy. Currently, other settlements are not regulated by the Insurance Department.

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