One of the mysteries of the English language finally explained.
An arrangement whereby a person with a terminal illness sells their life insurance policy to a third party for less than its mature value, in order to benefit from the proceeds while alive.
- ‘In a viatical settlement, a person with a terminal disease sells his or her life insurance policy at a discount from its face value in exchange for ready cash.’
- ‘Developing expertise in long-term care insurance, medi-gap insurance, reverse mortgages and viatical settlements, along with their uses, can serve your older clients well.’
- ‘The tax treatment of a viatical settlement is markedly different.’
- ‘While the ads for viatical settlement firms focused on impending death, those for drug companies focused on prolonging life - better living through science.’
- ‘Ms. Investor was looking for safety, with little risk, when she invested in these viatical settlements.’
- ‘Thanks to Ontario's passing of the Red Tape Reduction Act, viatical settlements, otherwise known as ‘death futures,’ will be making Ontario's critically ill a hot investment for U.S. brokerage firms.’
1990s: viatical from Latin viaticus ‘relating to a journey or departing’ + -al.
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