viatical settlement(redirected from Life insurance buyout)
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(Insurance) the purchase by a charity of a life assurance policy owned by a person with only a short time to live, to enable that person to use the proceeds during his or her lifetime. See also death futures
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|Noun||1.||viatical settlement - cash derived from sale of an insurance policy by a terminally ill policy holder|
advance death benefit - a percentage of death benefits paid directly to policy holders having a short life expectancy (usually 6 months)
|2.||viatical settlement - sale of an insurance policy by a terminally ill policy holder|