Frequently Asked Questions About Funding for Cancer Patients.


 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.

No. The viatical company covers all future premium expenses. You are no longer responsible for any future premiums payments and hold no responsibility to the policy.

Most types of policies including term life insurance, universal life insurance, whole life insurance, and group life insurance can be purchased by a third party.

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.

No. There is no cost or obligation to the seller to accept a viatical settlement. There is NO cost to apply with ALF.

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.

A life settlement is when a healthy, senior-aged individual sells their life insurance policy to a company. A viatical settlement is when someone with a life-threatening illness sells their life insurance policy to a company.

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.

Viatical settlements are one way to obtain the funds you need by selling your life insurance policy. Additionally, there are other financial options to consider.

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.

  • Financial Reasons:
    • 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.

Viatical settlement companies require absolutely no restrictions and sellers are free to use the funding for cancer patients however they wish.

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. 

There are a few steps you can take before applying for a viatical settlement. Completing these ahead of time will help the process go more smoothly and quickly.

1. See if You Qualify for the viatical settlement.
2. Gather Medical Records and Policy Information
3. Decide How You Are Going to Use the Funds
4. Make a List of Questions

There are a few steps you can take before applying for a viatical settlement. Completing these ahead of time will help the process go more smoothly and quickly.

1. See if You Qualify for the viatical settlement.
2. Gather Medical Records and Policy Information
3. Decide How You Are Going to Use the Funds
4. Make a List of Questions


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.

See if you qualify.

Call us at (877) 261-0632

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