What Is Reverse Life Insurance And How Does It Work? 
A life insurance policy that has been viaticized has a couple of things happen . The insured no longer has any ownership in the policy . Nor are they the premium payer . Those rights along with any other incidental rights of ownership -LRB- including the ability to assign the policy or change the beneficiary -RRB- are gone once the policy is viaticized . When the insured dies the proceeds go to the beneficiary . Those proceeds may or may not be taxable . 