Sentences with phrase «when viatical»

Not exact matches

These viatical settlements were rare in the United States up until the late 1980s, when the AIDS epidemic peaked.

Viatical settlements are when terminally ill people with less than two years to live accept less than their policy face value to get the money now, where life settlements involve people ages 65 and older who might live quite a while.

These viatical settlements were rare in the United States up until the late 1980s, when the AIDS epidemic peaked.

A viatical settlement occurs when a person who is chronically or terminally ill sells his or her whole or universal life insurance policy to a third party that maintains the premium payments and receives the death benefit when the insured dies.

The buyer (the viatical settlement provider) becomes the new owner of the life insurance policy, pays future premiums, and collects the death benefit when the insured dies.

With a viatical settlement, a viatical settlement company buys your life insurance policy, gives you a percentage of the death benefit upfront, and then pays all the remaining premiums to become the sole beneficiary of your policy — receiving the full benefit when you die.

These viatical settlements were rare in the United States up until the late 1980s, when the AIDS epidemic peaked.

Viatical settlements grew in popularity in the United States in the late 1980s, when the AIDS epidemic peaked.

A viatical settlement happens when someone sells their policy for more than their current cash value, but less than the death benefit payout.

Viatication, also called a viatical settlement or life settlement, can also be used when the policyholder no longer wants the life insurance policy for any reason, even if he or she is not terminally ill.

The downsides of viatication for the policy holder are that he or she will not receive the full value of the policy and his or her beneficiaries will no longer receive the policy proceeds unless there happens to still be money left over from the viatical settlement when the policyholder dies.

When I first heard of viatical settlements or life insurance settlements I shuddered at the thought of such an idea.