Pacific West Capital Group has witnessed the evolution of the life settlements industry. Viatical settlements preceded life settlements. Viatical settlements began in the 1980s when terminally ill life insurance owners were offered the opportunity to sell their insurance policies. When the former owner of the policy died, the purchaser received the insurance proceeds as the beneficiary of the policy.
The concept of viatical and life settlements are the same with the previous policy owner and purchaser of the policy exchanging money for ownership and beneficiary interest. The primary difference between the two transactions is that life settlements are when the insured is of an advanced age, rather than suffering from a terminal illness.
The concept of viatical and life settlements are the same with the previous policy owner and purchaser of the policy exchanging money for ownership and beneficiary interest. The primary difference between the two transactions is that life settlements are when the insured is of an advanced age, rather than suffering from a terminal illness.
