Life Settlement Question

What is difference between a Life Settlement and a Viatical Settlement?

There are many similarities between Life Settlements and Viatical Settlements. Both are products that will liquidate a current life insurance policy in exchange for a large cash settlement for the policy owner. Both products are based on life expectancy. However, the large difference between the two is that a Viatical is a settlement designed for an individual of any age with a terminal illness. A Life Settlement is designed for an individual usually over the age of 65 and will then be based on the health and life expectancy, which may extend to as many as 15-19 years past the senior's current age.

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