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A viatical settlement is a contractual agreement to provide a life insurance policyholder immediate cash in exchange for the sale and transfer of life insurance policy ownership rights.
Understanding Life Insurance Settlement Options. When the insured on a life insurance policy passes away, the named beneficiary (or beneficiaries) is entitled to the death benefit proceeds. Within the life insurance policy contract, the insurance settlement options refer to the manner in which these funds may be paid out to the beneficiary. Typically, there are several different settlement options that are available. In many instances, beneficiaries will choose the lump sum payout.