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.
Life Insurance That Fits Your Life Now
You likely took out life insurance as a way to provide for your family in the event of your passing. However, depending on your current circumstance, it might make more sense for you to access those funds today. After all, you’ve been paying those premiums with the intent of collecting at some point. Wouldn’t it make more sense financially for you to be able to access that money during your lifetime, rather than afterward?
One financial solution is a viatical settlement. So how does a viatical settlement work and how do you know if it is right for you?
What is a Viatical Settlement?
In a viatical settlement, a third-party company purchases your life insurance policy and provides you with a large, lump sum payment in return. The purchaser will then become the owner of the policy and continue to pay the life insurance premiums through the remainder of the policy.
What are the Criteria?
A viatical settlement isn’t for everyone. In order to qualify, you need to hold a life insurance policy (in most cases for at least two years). You also need to have been diagnosed with a life-threatening illness. Many settlement companies work with cancer patients, but this may also be an option for you or for loved ones who suffer from heart failure, Alzheimer’s, or ALS.
Another qualifier is the amount of your life insurance policy. While this minimum face value amount varies from company to company, your policy typically must be for $100,000 or more.
When is This a Good Option?
Are you or your loved one stressed out by medical bills or care costs because of your health diagnosis? Or maybe you’ve experienced loss of income due to not being able to work because of your illness? Perhaps you would prefer in-home care, but need to make modifications to your home or pay for additional care? Or maybe your life policy premiums are eating into your budget?
If you are experiencing one or more of these financial issues, you should consider pursuing a viatical settlement. You can use this money however you desire. Maybe you’d like to do something meaningful now with your friends or family such as taking a once in a lifetime trip? Or paying off your debts and mortgage so you can breathe easy knowing everything is paid for and your loved ones won’t be left with sizable debt. Whatever you wish to do with your funds, access to a sizeable sum through viatical settlement would let you accomplish these things.
Find out instantly if you qualify. You can also call us at 877-959-5855 to speak with a dedicated viatical counselor and learn more!