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A viatical settlement is the sale, transfer of the benefits of the life insurance to the viatical settlement company by the insurer who has a disease which is life threatening. The owner of the company receives the cash from the viatical company and in turn the beneficiary of the insurance becomes the purchaser of the policy. In viatical settlement the previous owner of the policy must posses a life threatening disease whereas on the other hand the in the transaction of life settlement the person need not have a life threatening disease. You might consider to sell your life settlement policy when you might not feel the benefit from its need, or you might find the payment of the premium unwanted, when there is a change in the estate planning needs of yours, when there is a change in your financial circumstances, or incase the policy is going to lapse. These can be some of the conditions in which you might be considering to go in for a life settlement transaction.