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American Life Fund > Blog > Uncategorized > 5 Options for Finding Financial Help for Cancer Patients’ Treatment

5 Options for Finding Financial Help for Cancer Patients’ Treatment

Unfortunately, a third of cancer patients go into debt for their treatment, and 3 percent have to file bankruptcy. If you’re having trouble finding help for cancer patients’ treatment and dealing with expensive medical bills, you may need some financial help for cancer patients’ treatment. In particular, you may want to consider one or more of the following options.

Grants

There are many organizations that offer grants to patients with cancer. Some are targeted towards 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 who provide financial help 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 actually 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.
  • Many times you can get more money through a viatical settlement than with other options. We don’t work with a middleman and this ensures you get the largest payout possible.
  • Any existing life insurance policy is eligible for a viatical settlement whereas with living benefits and viatical loans, your life insurance policy may not qualify.
  • The process of 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 help for cancer patients’ treatment.

Who Should Apply?

If you’re trying to decide whether or not you should apply for a viatical settlement, there are numerous elements you should consider. First, you need to already have a life insurance policy. Then, if you meet any of the following criteria, you should also consider applying:

  • You need help paying for 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 help for cancer patients’ treatment, we can help. To learn more about living benefits and viatical settlements, contact us at American Life Fund today. We help late stage and terminal cancer patients find the financial freedom they need.