A viatical settlement is a financial arrangement where a person with a terminal illness sells their life insurance policy to a third party for a lump sum cash payment, typically less than the policy's face value.

Generally, individuals with a life expectancy of two years or less who hold a life insurance policy can qualify for a viatical settlement. The policy usually needs to have a minimum face value, and eligibility criteria can vary among viatical settlement companies.

Typically, term life insurance, whole life insurance, and universal life insurance policies can be sold in viatical settlements. The specific policies eligible may depend on the viatical settlement provider's policies.

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The tax implications of a viatical settlement can vary by location and individual circumstances. In the United States, the proceeds are often tax-free when used for qualified medical expenses. However, it's essential to consult a tax professional for specific guidance.

In most cases, there are no restrictions on how you can use the viatical settlement proceeds. Common uses include covering medical bills, paying for long-term care, or improving quality of life. However, it's essential to understand your contractual obligations with the viatical settlement provider.

Viatical settlements may result in a lower payout compared to the policy's face value. Additionally, the transaction may have an impact on eligibility for government assistance programs. It's crucial to carefully consider the financial implications and consult with financial and legal advisors.

You can research and contact viatical settlement companies directly or work with a viatical settlement broker who can help you navigate the process and find the best offer.

Viatical settlements are typically best suited for individuals with significant medical expenses and a short life expectancy. It's essential to evaluate your financial situation, medical needs, and alternatives before proceeding with a viatical settlement.

Viatical settlements are subject to state regulations in the United States. Regulations may vary from one state to another, so it's essential to be aware of the laws that apply in your jurisdiction.