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What is the difference between a viatical, life settlement and a senior settlement?

April 26, 2017life Senior viatical

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What is the difference between a viatical, life settlement and a senior settlement?

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A viatical is the sale of a life insurance policy on an individual with a life expectancy of 2 years or less due to a life threatening illness or medical condition. A life settlement is the sale of life insurance policy on an individual with a discernible life expectancy of between 2 and 18 years. As such, life settlement purchasers will normally only consider purchasing life settlements on individuals over the age of 65. A senior settlement is synonymous with life settlement and their terminology is used interchangeably.