A viatical settlement is a transaction where a terminally ill individual who owns a life insurance policy sells it to a third party. The third party agrees to pay the insured individual an amount that is less than the value of the insurance policy, and to pay the premiums of the insurance policy as they are due. Viatical settlements are illegal in most provinces in Canada. This project discussed viatical settlements in Canada and traces their historical development in the United States. It considered legal reform and the relevant policy considerations relating to the desirability of having legal barriers to viatical settlements.
Keywords: viatical settlement, life settlement, insurance, insurance policy, seniors, older adults, consumer, consumer protection, health, AIDS and catastrophic disease, life expectancy, wills, estates & life planning
Below you will find additional, relevant and specific documentation, backgrounders, research, resources, media releases and summaries that have been, or will be incorporated into our final publications and study papers.
If you have questions about these or other specific documents, please reach out to BCLI using our contact page or at the bottom of each page of our website.