The article explains five ways to help cancer patients with treatment costs. It talks about grants from different groups, community fundraisers, and viatical settlements as good options. Grants and fundraisers give direct help that doesn’t need to be paid back. Viatical settlements let patients get a big amount of money by selling their life insurance, which they don’t have to pay back and isn’t taxed. The article warns against viatical loans because they are expensive and stressful. Overall, these options are meant to reduce the financial pressure on cancer patients, making it easier for them to handle their treatment costs.
Grants
Many organizations offer grants to patients with cancer. Some are targeted toward specific types of cancer, and others are more general. The amount you may receive will vary, but the best part about grants is that you don’t have to pay the money bank.
Community Fundraisers
Many communities will hold fundraising opportunities for affected individuals in their community. Try reaching out to your local city authority to see if they can help or know of any local organizations that provide financial assistance for cancer patients’ treatment.
Viatical Loans
Viatical loans are similar to viatical settlements; only viatical loans are cash advancements that incur high-interest rates and additional fees, making it difficult to pay the loan back. Rather than gaining income from your policy, you incur more debt. Financial advisors caution against this option because viatical loans give a false sense of hope because, in hindsight, they create more stress and financial hardship.
Viatical Settlement
Are you wondering about the benefits of doing a viatical settlement? Here are some key reasons many patients choose this option:
- Viatical settlements don’t include interest or hidden fees. They aren’t a loan, so you don’t have to pay the money back, and the quote you receive from American Life Fund is the amount you will receive.
- You can often get more money through a viatical settlement than other options. We don’t work with a middleman, ensuring you get the largest payout possible.
- Any existing life insurance policy is eligible for a viatical settlement, whereas your life insurance policy may not qualify with living benefits and viatical loans.
- Getting a viatical settlement through American Life Fund can go as fast as 1-2 weeks, while other options can take months.
- With a viatical settlement, you don’t have to pay taxes on the amount you receive. This peace of mind means that 100% of what you receive can provide financial assistance for cancer patients’ treatment.
Who Should Apply?
If you’re trying to decide whether you should apply for a viatical settlement, there are numerous elements you should consider. First, you need to have a life insurance policy already. Then, if you meet any of the following criteria, you should also consider applying:
- You need help paying medical bills
- You want to pay off high-interest loans
- You can’t work and need help with bills
- You are stressed out about your financial situation
- You want to relax and spend time with family
If you need financial assistance for cancer patients’ treatment, we can help. Contact us at American Life Fund today. We help late-stage and terminal cancer patients find the financial freedom they need. Learn more about living benefits and viatical settlements.
