viator

Viator

A person with terminal or a life-threatening illness who sells their life insurance policy at a steep discount to an insurance firm to pay for their health-care costs or improve their quality of life.

Investopedia Commentary

A viator will usually receive a percentage of the policy's face value, around 50-70%, in a cash payment. This is one way in which an individual is able to receive money to help with medical coverage.

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See also: Clean Sheeting, Face Value, Insurance, Life Insurance, Viatical Settlement

Main Entry: vi·a·tor
Pronunciation: vI-'At-&r
Function: noun
: a person with a catastrophic or life-threatening illness who has a lifeinsurance policy and sells or intends to sell it in a viatical settlement; broadly : one who owns and assigns a life insurance policy in a viatical settlement