The Viaticum, Then and Now

The word "viatical" comes from the Latin word "viaticum," or "provision for the journey." With a viaticum, the Roman soldier was given supplies for his journey into battle, possibly the final journey of his life.

Over two millenia later, a relatively new industry has adopted this ancient concept, revived and revised, to give people faced with life-threatening illnesses some remarkable prospects.

Anyone with a life-threatening illness, such as cancer, AIDS, heart disease, Alzheimer's, or multiple sclerosis, can sell an eligible life insurance policy for cash. To qualify, the seller must be diagnosed with a terminal illness and must have the option to change the right of ownership or to freely assign coverage on the policy. In most cases, the coverage can not be subject to any existing suicide exclusion clauses or contestability periods.*

* A suicide exclusion clause is usually a two-year period, during which the insurance company will not pay a claim as a result of the insured's suicide.



The Process

If you are a prospective seller (viator) all you have to do, after you contact Individual Benefits, is fill out a short application and return it via fax, e-mail, or in a prepaid return airbill. We'll take it from there, and we won't drag our feet.

As soon as we've received your application, a counselor will call you right away to answer all your questions and address all your concerns. You'll get the best financial advice for your situation. And we promise absolute confidentiality.

On receipt of your application, we'll request your medical records immediately. We pay the costs and do all the work. Your insurance company is contacted for the details on your coverage. Then we evaluate your policy terms and have an independent physician review your medical records. With your permission, the independent physician will consult your doctor, who is most familiar with your condition. In our experience, this consultation is frequently the key to offering the maximum for your policy.

As soon as possible, probably about three working days after we receive all the medical information, we will have solicited several offers, and at that time will give you the best offer. If you accept, your funds will be placed into an independent account immediately, and a contract is overnighted to you.

Once the insurance company has assigned your policy, changed the beneficiary designation, and sent us an acknowledgment of both, you receive your money within 24 to 48 hours.