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A viaticle is a financial arrangement where a policyholder sells their life insurance policy to a third party for a lump sum payment, typically less than the policy's face value but greater than its cash surrender value. This transaction allows the policyholder to access funds while they are still alive, often to cover medical expenses or other financial needs. The buyer then becomes the beneficiary of the policy and receives the death benefit upon the policyholder's passing. Viaticles are often used by individuals with terminal illnesses or significant health issues.
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Buying the beneficiary position on a life insurance policy of someone who is dying is called?
viaticle
How do you find out the status of a viaticle that I purchased around 15 years ago?
I have mine which was purchased 15 yrs ago, and the company that is holding it, AMG, Inc. has a number to call and talk to the person that has those files. I had 4 viaticles and 2 have died... 15 yrs later !! The saleman said that it was a good investment as good as "sliced bread". He is no longer in business and his license is gone. But I still have to pay the premium on the 2 remaining files. Worst investment I ever made! Stay away from them ! People are living longer with new drugs !
