A viatical is a derivation of the Latin term “viaticum,” which means “provisions for a journey.” In the United States, the Term typically refers to a financial transaction called a viatical settlement. A viatical settlement is the sale of an existing life insurance policy in a secondary market to a state-licensed financial institution called a viatical settlement provider. The viatical settlement is an alternative to lapsing or surrender a life insurance policy and allows policy owners to use the proceeds of the sale to help pay for medical bills, living expenses or anything else they choose.
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