Viatical settlements involve selling a life insurance policy to a company that pays your premiums and gives you a cash benefit in exchange for becoming the beneficiary after your death. These first entered the news when AIDS was a quick but expensive death sentence. According to Wikipedia, “As medical advancements improved the lives of those … living with terminal or chronic illnesses, the life settlement industry emerged.”
Paula Spann doesn’t use the term “viatical settlement” but discusses something similar-sounding in A New Way to Pay for Long-term Care.
That exhausts my knowledge about viatical settlements. If you know more, please share your knowledge and experiences.