viatical settlement

noun

1. 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

Example Sentences

Q: Is a viatical settlement a good way to get some money?

From Seattle Times

But that is precisely what could happen when someone sells their own life insurance policy to a third party - a procedure known as a viatical settlement.

From BBC

A: A viatical settlement is when an investor buys a terminally ill person’s life-insurance policy.

From Seattle Times