Yes. In 1911 the Supreme Court ruled that life insurance policies are an asset. Like all assets, policies are freely assignable for value. Once a life insurance policy is issued, it is the property of the contract owner. Once the contestability period has passed, the policy owner has the right to get rid of the policy. They can then use the proceeds as funding for cancer patients.
To begin the viatical settlement process, contact American Life Fund today at (877) 421-0148 to speak with an American Life Fund Counselor. American Life Fund will then guide you through a pre-qualification process and ask you to fill out our easy application form. After you have passed the pre-qualification process, we will review your medical records and life insurance policy in more depth. If the qualification needs are met, you may be presented with an offer for your policy. If accepted, a sale/purchase agreement will be put together for you to review and sign. Your life insurance carrier will be instructed to make the necessary ownership changes to the policy. After the changes to the policy are confirmed, funds will be released to you.
Applying for a viatical settlement with American Life Fund is a painless process. We will either email or send you a printed copy of our application forms, whichever you prefer.
Once you have completed them, you can mail the application forms back to our home office at 3295 River Exchange Drive, Suite #350, Norcross, GA, 30092. You can also scan and email the completed forms to us. Lastly, you may fax the forms to (855) 727-4663. Once the forms are received, a financial counselor will contact you within 24 hours.
Yes. You can change your mind about the viatical company and get the policy transferred back to you while the transaction is still in closing. You may also stop the application process at any time. There is absolutely NO obligation to accept this funding for cancer patients until closing documents are signed and notarized.
The amount to be paid to the owner of a policy depends upon various factors such as medical condition, age of the insured, amount of future premiums due to keep the policy in force and the cash surrender value of the policy. A typical offer on funding for cancer patients can range anywhere from 50% – 75% for the face value of the policy. Learn more about how a viatical settlement company will determine your offer.
Viatical settlement companies can help with the financial aspects of the cancer experience. Essentially, viatical companies give you a settlement in exchange for your life insurance, and working with these companies offers a long list of benefits.
Trying to balance your finances is difficult, even when you have a clean bill of health. If you have been diagnosed with a life-threatening illness, making financial decisions carries even more weight, as you try to cover illness-related expenses and take care of your loved ones at the same time. One financial solution is a viatical settlement.
Selling your life insurance policy is a decision that is very personal and differs for each individual. The most common reason an individual wants this type of funding for cancer patients is because they want to enjoy the financial benefits in the present, with their family and friends.
Pay medical cost
Pay off debt
Pay living expenses
Policy premium no longer affordable
Relieve financial stress
There are many other reasons you may want to choose a viatical life insurance settlement.
There are many viatical settlement companies that would be happy to help you through this time in your life. ALF understands the sensitivity of the decision to sell your policy. We provide one-on-one communication with each client and answer any questions the seller may have about funding for cancer patients. We make it our responsibility to get you the highest offer possible.
Yes. American Life Fund has extremely strict regulations on confidentiality. No medical, financial, or other personal information about the seller and/or the insured which American Life Fund obtains will be disclosed to any other person or entity without written consent unless required by law.
No. ALF will contact your physicians to obtain your most recent medical records. However, it does speed up the application process if you provide copies of your most recent medical records at the time of application.
ALF’s goal is to complete most transactions as soon as possible. Obtaining the individual’s medical records is one factor that may hold the process up. If the individual provides their most updated medical records from the last two years as well as a copy of the insurance policy at the time of applying, this will greatly speed up the process. Once the closing documents are signed and notarized by the insured and the change forms have been processed by the insurance carrier, funding for cancer patients can be released to the seller in as little as two weeks.
No. Congress passed portions of the Health Insurance Portability and Accountability Act that exempt viatical settlement proceeds from income taxes (HIPAA, 1996). This law enables individuals that are deemed terminally ill the ability to not be taxed on the proceeds from their viatical settlement. ALF recommends individuals to contact their tax adviser to find out about any tax implications.
There are a number of companies that can offer life settlements or the sale of a life insurance policy usually involving a healthy, senior-aged individual. However, typically only viatical settlement companies offer viatical settlements.
Dealing with a terminal illness is incredibly difficult for the patient as well as for their loved ones, both emotionally and financially. A viatical life insurance sale is one solution that provides peace of mind and the cash you need when you need it the most.
When you have cancer, you need to focus on your health, but unfortunately, that can be difficult when you have financial responsibilities and bills breathing down your neck. Many people consider letting their life insurance payments lapse, but if you are thinking of going this route, you should always opt for a viatical settlement first.
Disclaimer: American Life Fund is not a licensed provider and may not be licensed in your state. Principles hold brokers license in various states nationwide. Due to life settlement regulations varying state by state, our services are not available to residents in all states, including Georgia and Florida. The content contained in this website is not applicable for consumers in states where American Life Fund is not permitted to make life settlement transactions, solicit or advertise. Any offer is conditional, contingent upon written terms and conditions, and is non‐binding, as well as subject to due diligence and execution of closing documents.