Benefits of Viatical Settlements

Cancer is a serious illness that is physically exhausting, emotionally draining, and financially debilitating thanks to the medical expenses associated with treatment. For seniors and individuals of all ages, getting through cancer is truly a battle. Viatical settlement companies can help life insurance policyholders with the financial aspects of this experience. Essentially, viatical companies and life settlement providers purchase life insurance policies of individuals with life-threatening illnesses for a fair price. They give you a lump-sum settlement, typically in the form of a cash payment, in exchange for your life insurance policy. Working with viatical settlement providers or viatical settlement brokers for the sale of a life insurance policy offers a long list of benefits and aids  insurance policyholders in several ways.

Get Cash in Hand with Viatical Settlements

One of the top reasons cancer patients turn to life settlement brokers and buyers is because they need a substantial amount of immediate cash to cover the costs that are associated with cancer in a short amount of time.

Viatical settlement companies are one of the few resources within the life settlement industry that put a large amount of interest-free cash into viators’ accounts, freeing them of premium payments to life insurers. Getting money from your life settlement instead waiting for a life insurance policy payout can help you cover medical bills now in order to give you the financial stability you need.

Once the transfer of the policy is complete, the viatical company becomes the policyowner, thus paying its premiums. Once the insured passes on, the viatical company buyer or investor is then entitled to the net death benefit.

Another advantage of third-party viaticals is that you can use the payment however you want.

Instead of paying future premiums to a life insurance company, sellers can use the funds from the life settlement company to cover medical bills, pursue alternative treatment, get caught up on bills around the house, pay off a home, or take care of a variety of other expenses. A viatical settlement is a great option for people that need immediate access to money but don’t want to go through the process of a reverse mortgage or relying on their retirement fund or another type of investment in order to cover medical transactions and other costs.

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Spend More Time With Family

Many people opt to use life settlements to facilitate spending more time with their families. The cash value of a life settlement should be spent on activities with loved ones. The money from a settlement can allow the policyholder to take time off work or retire early if they are still working. Perhaps they want to move to where you have family members. Or if a family member is taking care of them, they can use the funds that would have otherwise been spent on premium payments to allow the family member to time off work or retire early, whichever is in their best interest. In other situations, many people choose to take a family vacation or to simply spend some quality time together without worrying about insurance premiums or other money-related concerns.

Reduces Stress

Just thinking about your life expectancy and the phrase “death benefit” can be exhausting, even if you have an existing life insurance policy. By working with a life settlement provider, cancer patients reap the benefit of reduced stress.

That can be essential for healing but also just for feeling more mentally calm and relaxed. Being ill is stressful, and as the bills pile up, the stress builds even more. While money can’t solve everything, it can help to lessen the financial side of the stress for the insured. A viatical broker can thus give you the peace of mind you need in order to move forward as an ill person with the knowledge that any medical advances necessary to your treatment and other transaction costs are covered by a lump-sum payment. For older people or those living with a severe diagnosis and abbreviated life expectancy, that solace can be particularly crucial to making the most of your life.

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We’re Easy to Work With

Many people have never heard the phrase viatical settlements within the insurance industry, and often, when they first hear about the life insurance settlement industry, they think that these purchaser companies and their services are going to be confusing and hard to understand. They aren’t sure how much money they will receive through the payout, they don’t know about eligibility requirements, and they aren’t sure how to determine the value of the policy and what the best price to sell it for is.

Luckily, life settlement companies are extremely easy to work with and make the whole life policy selling process fairly simple. They guide you through the life settlement process, collecting any medical records, death benefit information, or additional paperwork needed. Additionally, they help you determine if the viatical settlement transaction is in your best interest, provide high net quotes quickly, and get you the best offer for your settlement as fast as possible. For example, if the seller’s life expectancy is many years from now, they may suggest waiting to go through the life settlement process until the policy seller is truly in need of a life settlement transaction.

Tax Benefits with Viatical Settlements

Because of insurance laws, there are also tax benefits of working with settlement companies and brokers. Unfortunately, in many cases when an owner of a life insurance policy cashes out the life policy using other options, they usually face tax consequences such as paying income tax or estate tax on the income. These tax consequences are the same faced by institutional investors in the stock market all across the United States, and cut into the proceeds and decrease the amount of money you have available to you.

In contrast, with a life settlement, the entire settlement is tax-free, meaning you owe no additional funds to any financial institution or financial professionals. It was determined by the Supreme Court that an insured person is well within their rights to sell their insurance policy on the secondary market. In fact, the secondary market and life settlement process is highly regulated, and the National Association of Insurance Commissioners reports very few complaints about the life settlement market from consumers. In the 1980s, the AIDS epidemic in New York and around the globe sparked the true birth of life settlement company popularity. State laws in some of the following states of Minnesota and North Carolina, among thirty-one others have mandated waiting periods before the life settlement process can even begin, further showing the due diligence helping regulate life settlement companies.

If you’re looking at different viatical settlement companies and trying to find a viatical company to work with, American Life Fund is here to help. We strive to make the settlement process as easy as possible for our clients, and our advisors will guide you through the life settlement process every step of the way. Get started by instantly seeing if you qualify or call us today at 877-421-0148.

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We’ve helped thousands of people just like you.

Viatical Settlements explained intro picture. Testimonial by Andrea who is a bald woman.

“You never know how stressful a cancer diagnosis is until you experience it yourself. American Life Fund relieved my financial worries so I’m able to focus on my journey to recovery!”

Andrea, Arizona

Viatical Settlements explained intro picture. Old white couple smiling with arm around each other and wearing glasses.

“Once I received the first bill for treatments, I knew that I had to come up with a financial plan. I found American Life Fund and instantly felt reassured that I was in good hands. They were able to provide me with the money I needed and literally saved me from bankruptcy. I am now able to enjoy my time with what means the most to me, my family.”

Dan, Alabama

Viatical Settlements explained intro picture. Lady with a purple headband and glasses smiling and holding on to metal post.

“When my husband was diagnosed with cancer and our retirement ran out, we needed a plan B and fast. American Life Fund provided the financial help we needed exactly when we needed it.”

Charlene, Wisconsin