The word “viatical” comes from the Latin word “viaticum,” or “provision for the journey.” In Roman times, soldiers would receive currency or supplies for their final journey, often before a battle. Over two millennia later, a relatively new industry has adopted this ancient concept. Revived and revised for today, viatical settlements give terminally-ill people financial assistance for the final part of their journey.
Anyone with a life-threatening illness, such as cancer, heart disease, Alzheimer’s, or multiple sclerosis, can sell an eligible life insurance policy for cash at Individual Benefits. The seller must be diagnosed with a terminal illness and must have the option to change the right of ownership or assign their life insurance coverage to a third party like our firm. In most cases, the life insurance coverage cannot be sold during suicide exclusion clauses or contestability periods, usually during the first two years of coverage.