|Definition||Programs that make an arrangement that allows people with life threatening illnesses who have an existing life insurance policy to receive a "living" cash benefit of up to a designated percentage of the face value of the policy. The program continues to make the premium payments on behalf of the individual and receives the policy's full face value from the insurance company at the time of the individual's death.|
|See Also References||
Accelerated Death Benefits (LH-4000.0500)
Life Insurance (NS-4500)
|External Classification Terms||
Health (CAN HC-300)
Health Care (AIRS HC-300)
Medical Expense Assistance (NPC E08.07)
Patient & Family Support (NTE E86)
Personal Financial Management Counseling (UW 1.4.16.01)
Death and Dying
Long Term Care
|Bibliographic References||“Viatical Settlements: A Guide for People with Terminal Illness”, FindLaw website, http://library.findlaw.com/1998/May/1/126790.html
“Viatical Settlements: The Living Benefits of Life Insurance for the Terminally Ill”, by Benjamin Banderoff, LUTCF, Oncolink Homepage, http://oncolink.upenn NOTE: this document is no longer available.
“What alternatives should I explore before selling my life insurance?”, http://www.nvrnvr.com NOTE: this document is no longer available.