User:Settlement901

When you sell a life insurance policy to get cash now, it's referred to as a viatical. When a viatical takes place a outside buyer will purchase the policy from the insurance holder (which is called a viator). Before a sale takes place, the buyer and the seller are required to come to an agreement on just what is being sold and how much it's going to be sold for. It is most common to see viaticals happen when the viator is probably not going to live much longer. The expected life may be anywhere from a few months to a few years, but whatever it is, a doctor is required to diagnose and validate it. In these situations, the person who is insured (viator) usually is not in any shape to work and therefore, will commonly not have very much income coming in. That is why they count on viaticals. They can sell their policy and be given a decent sum of cash for it now to use however they see fit. They will not get the full amount of the insurance policy though. The average they will receive is 60 to 80 percent. Good news though is that is normally tax free. To learn more about viaticals and how they can be of benefit, click here.