Organizations that Provide Financial Help for Breast Cancer Patients
After a cancer diagnosis, focusing on your health is essential, but it can be difficult to take time for yourself when you’re riddled with financial concerns. Organizations that provide financial support to cancer patients can help with the out-of-pocket costs of medical bills, home care, and medications. The following organizations can provide direct financial assistance to help with the costs of cancer care:
Individuals with breast cancer may qualify for disability, compassionate allowance, and financial assistance through supplemental security income (SSI), Medicare, and Medicaid. For patients struggling to afford health insurance, The Healthwell Foundation and Patient Advocate Foundation can provide financial aid to cover medical expenses and coinsurance costs.
Your Life Insurance Policy Has Cash Value
For many breast cancer patients, a viatical settlement can provide valuable financial aid during cancer treatment. A viatical settlement can help cover the costs of medical supplies, chemotherapy, homecare, and basic living expenses.
WHAT IS A VIATICAL SETTLEMENT?
Breast cancer patients with life insurance policies can enter agreements with buyers to sell their life insurance policy in return for a lump-sum payment. The life settlement company takes over paying monthly insurance premiums to keep your policy in place.
HOW IS A VIATICAL SETTLEMENT DIFFERENT?
Unlike other types of financial assistance programs for cancer patients, which typically provide limited financial assistance, viatical settlements:
- Provide financial aid quickly—often within a matter of weeks.
- Provide large lump-sum cash payments.
- Do not restrict the use of your funds.
- Reduce costs by eliminating monthly insurance premiums.
Who qualifies for a viatical settlement?
- Individuals with breast cancer or other types of cancer.
- Current life insurance policyholders
- Policyholders who hold life insurance policies with a death benefit of at least $100,000 or more
Why should you sell your life insurance policy?
Because viatical settlements do not restrict how you use your lump-sum payment, selling your life insurance policy can help you:
- Pay for out-of-pocket expenses and deductibles, including medical costs, active treatment, or alternative breast cancer treatment.
- Replace loss of income due to disability.
- Afford the costs of a caregiver for home care or childcare.
- Avoid paying costly premiums.
- Pay for medicine and prescription drugs, including anti-nausea medication, to reduce the side effects of chemotherapy.
- Avoid creating a financial burden for family members.
If you or a family member need immediate financial assistance, working with the team at American Life Fund can help you understand your options. The costs of breast cancer extend far beyond health insurance coverage, and our straightforward application process and team of financial counselors can help you find an immediate solution regardless of your finances.
What happens if your life insurance policy lapses?
According to the Life Insurance Settlement Association, over 710,000 life insurance policies are lapsed or surrendered each year. Consequently, approximately seven billion dollars in combined face value is lapsed each year by seniors in the United States over the age of 70.
After a life insurance policy lapses, the life insurance company is not under any legal obligation to pay the beneficiaries if the policyholder passes away. The reinstatement process requires policyholders to be in good health with proof of insurability. Additionally, all missed insurance premiums must be paid to the insurance company.
The viatical settlement process allows late-stage cancer patients to explore financial options before lapsing the life insurance policy. Even if you decide to keep your life insurance policy, understanding the face value of your policy can provide financial peace of mind.
How does the application process work?
Our application process is easy and hassle-free with zero obligation:
- Call 877-266-9836 or apply online through American Life Fund to find out what your policy is worth and determine your eligibility.
- If you qualify for a viatical settlement, you’ll be sent a simple form asking for additional information about your life insurance policy.
- After we receive your forms and verification, we’ll send you an offer on your policy.
- If you accept the offer, you’ll receive a cash payment in as little as two weeks.
American Life Fund guarantees complete confidentiality during the viatical settlement application process and provides support resources for cancer patients if you decline the offer. Because family members may need more time to discuss finances, there’s no waiting period to re-apply online.
“I am very happy that I found out about American Life Fund! It has made my life and finances more bearable. Everyone I spoke to was so kind and compassionate. Thank you so much for helping me.”
- Kathleen, Washington DC
“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
“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
“They answered all of my questions and kept me informed so I never had to worry about what was going on. It was very reassuring and made the process so much easier.”