Viatical refers to the selling of one's life insurance policy to a third party in exchange for a lump sum cash payout. There are several synonyms for viatical such as life settlement, senior settlement, and life insurance settlement. These terms are commonly used in the insurance industry and are often used interchangeably with viatical. Another synonym for viatical is death benefit loan, which refers to a loan secured by the death benefit of a life insurance policy. Whatever the term used, the sale of a life insurance policy can provide financial relief to individuals facing a serious illness or financial hardship.