Viatical Settlement Arizona

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What is a Viatical Settlement?

Viatical settlements allow someone diagnosed with a life-threatening illness to sell their life insurance policy for cash. This person is known as the “viator.”

The third party they sell their policy to is an institutional investor, usually a viatical settlement company such as us here at American Life Fund.

A viatical settlement is a legally enforceable agreement between a life insurance policyholder with a severe illness (viator) and a viatical settlement business.

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How Does a Viatical Settlement in Arizona Work?

The process begins when the policyholder contacts a viatical settlement company like American Life Fund. After an initial consultation, the viator will apply.

Once the application is received, our underwriters will evaluate the case and verify all information provided by the viator.

If the case is approved, the viator will be asked to sign contracts issuing the viatical company as the new policy owner and beneficiary in exchange for the agreed-upon offer amount. Then we will issue a payment for the offer amount. It’s that simple! The entire process can take as little as two weeks from start to finish.

It really is that simple!

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Who Is Eligible To Get A Viatical Settlement in Arizona?

Insured’s Health

To qualify for a viatical settlement, the insured must be diagnosed with a life-threatening illness such as cancer or ALS.

Policy Type

All life insurance policy types are accepted. Whether you have whole life, term life, universal, group, or joint life insurance, you could be eligible for a viatical settlement. However, if the policy is issued through an employer, the insured must be separated from the employer or nearing separation from their employer in order to sell their policy.

The Age Of The Life Insurance Policy

The life insurance policy must have been in place for at least two years.

The Value Of The Life Insurance Policy

The life insurance policy must have a death benefit of at least $200,000.

What are the Benefits of a Viatical Settlement in Arizona

There are many benefits of entering into a viatical settlement. However, the two most common reasons people do it are for the money and to ease the burden on their loved ones.

Some other benefits include:

  • No medical exams are required
  • You can use the money however you want
  • It’s a speedy process
  • You can choose the settlement company you want to work with

American Life Fund is one of the leading viatical settlement companies serving the citizens of the USA. We have helped many people through this difficult time in their lives.

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How are Viatical Settlement Payments Calculated?

The payout you receive from a viatical settlement is based on several factors, including but not limited to:

  • The death benefit of your life insurance policy
  • Your health condition
  • The type of life insurance policy you have

These are just a few of the factors that will affect your payout. For an accurate and free quote, call us at 877-261-0632, and one of our expert representatives will be more than happy to help you.many people through this difficult time in their lives.

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The Pros And Cons Of A Viatical Settlement for Arizona Residents

Not sure if a viatical settlement is a right move for you or your loved one? Here are some things to keep in mind.

Pros:

  1. Receive a one-time payout that is typically much higher than the cash surrender value of your life insurance policy.
  2. Use the funds to cover medical expenses such as health insurance premiums, treatments, or long-term care.
  3. Have the flexibility to spend the money on better care, travel, or anything that improves your quality of life.
  4. Eliminate future life insurance premium payments, as the viatical settlement company takes over ownership and related costs.

Cons:

  1. Receiving a large payout could affect eligibility for need-based programs like Medicaid, which factor in income and assets.
  2. Once your policy is sold, beneficiaries will no longer receive the final payout unless you set aside a portion of your payout for them.

Why Clients Choose Us: At American Life Fund, we believe honesty and transparency aren’t optional—they’re the foundation of how we work. By choosing a trusted, licensed provider, you can avoid the pitfalls of the industry and move forward with confidence.

Viatical Settlement Examples

This is typically what a viatical settlement payout for a person from Arizona might look like:

  • John had a life insurance policy with a $500,000 death benefit. He was diagnosed with terminal cancer and decided to enter a viatical settlement. He received a payout of $300,000 and used the money to travel and spend time with his family members.
  • Mary had a life insurance policy with a $250,000 death benefit. She received $100,000 and used the money to pay for her medical expenses and treatments.
  • A policy valued at $200,000 could result in a payout of $120,000–$140,000.

As you can see, viatical settlements can be very beneficial for seriously ill people who need financial assistance.

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Viatical Settlement vs Life Settlement

When looking into viaticals, you may hear the term “viatical life settlement” thrown around — but viatical settlements and life settlements are two separate transactions. A life settlement is similar to a viatical settlement, but the two have several key differences.

How do life settlements work?

  • A life settlement is a transaction that occurs when an individual over 75 sells a life insurance policy to a settlement provider for cash, usually yielding considerably more than the policy’s surrender value.
  • The size of a life settlement payout is mostly determined by the policyholder’s health status and the premium payments of the policy. The money from selling life insurance policies can be used to finance long-term care, medical procedures, travel, or family events.
  • Many people are unaware they can sell their life insurance policy for cash. When a policy becomes too expensive or unnecessary, the owner typically lets it lapse without knowing there is another option—the life settlement market.
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Alternatives To Viatical Settlements

Not sure if a viatical settlement is right for you? Here are some other options to consider

Withdrawals

You can withdraw from the cash value of your life insurance policy, but this will reduce the death benefit paid to your beneficiaries.

Surrendering the policy

You can cancel your life insurance policy and receive the cash surrender value. This is usually a bad idea because you will get less money than if you had sold the policy in a viatical settlement.

Although viatical settlements offer many benefits, they aren’t the only form of financial assistance available. Be sure to speak with a professional before making any decisions.

Is a Viatical Settlement Right For You?

With life insurance policies increasing daily, it’s important to consider all options before deciding. For those with a chronic or terminal illness – selling your policies may be one way to afford quality care while still securing a financial cushion that will help you improve your quality of life.

If you or a loved one is facing a life-threatening illness and needs a Viatical Settlement, please call us at 877-261-0632 to see how we can help.

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Viatical Settlements

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Arizona Counties Eligible for Viatical Settlements

Apache, Cochise, Coconino, Gila, Graham, Greenlee, La Paz, Maricopa, Mohave, Navajo, Pima, Pinal, Santa Cruz, Yavapai, and Yuma.

Viatical Settlement Maricopa County

Maricopa County, which includes the city of Phoenix, is the most populous county in Arizona. Residents facing a life-threatening illness can find substantial financial relief through viatical settlements. At American Life Fund, we provide guidance throughout the process, making sure you can make informed decisions about your financial future.

Viatical Settlement Pima County

In Pima County, home to Tucson, viatical settlements offer financial support during difficult times. American Life Fund is dedicated to assisting individuals through the viatical settlement process, providing personalized guidance to help you understand your options.

Viatical Settlement Pinal County

Pinal County residents, especially those in rapidly growing areas like Casa Grande, can benefit greatly from viatical settlements. American Life Fund provides important financial relief through viatical settlements, helping residents manage their healthcare costs and living expenses.

Viatical Settlement Yavapai County

In Yavapai County, with its mix of small towns and rural areas, managing a serious illness can be particularly challenging. American Life Fund offers financial support through viatical settlements, helping residents access the funds they need. Our team guides you through the process, providing the information you need to make financial decisions during this difficult time.

Viatical Settlement Mohave County

Residents of Mohave County, including the cities of Kingman and Lake Havasu City, can find necessary financial relief through viatical settlements. At American Life Fund, we are committed to providing the guidance needed to go through this process. Our team helps you understand your options, making sure you make informed choices about your future.

Viatical Settlement Coconino

Coconino County, home to Flagstaff and vast natural landscapes, offers viatical settlements as a resource for those facing life-threatening illnesses. American Life Fund specializes in offering support through viatical settlements, helping residents understand their options and make the best financial decisions for their circumstances. Our team is here to provide the assistance needed during this challenging time.

Insights for Viatical Settlements in Arizona

Arizona, home to approximately 7.5 million people as of 2023, includes many residents who could greatly benefit from viatical settlements. Among them, about 17% are aged 65 and older, often encountering increased healthcare needs and associated costs.

Additionally, around 7.5% of residents under 65 live with a disability, and 10.7% lack health insurance. These figures represent a significant portion of the population who might face substantial medical and financial challenges without adequate coverage.

For those diagnosed with serious illnesses, medical expenses can be overwhelming. A study on the Prevalence and Medical Costs of Chronic Diseases Among Adult Medicaid Beneficiaries revealed that costs for cancer patients range between $29,000 and $46,000 in the six months following diagnosis. This places a significant burden on monthly budgets and shows the need for alternative financial solutions.

Viatical settlements offer important financial support, providing a lump sum cash payment that allows individuals to manage healthcare costs, living expenses, or even fulfill personal goals during challenging times. For Arizona residents facing high medical expenses and living costs due to a life-threatening illness, viatical settlements can be an especially beneficial financial option.

FAQ about Viatical Settlement in Arizona

Who is eligible for a viatical settlement?

Individuals diagnosed with a life-threatening illness, such as cancer or ALS, and who have a life insurance policy with a significant death benefit may be eligible for a viatical settlement.

How does the process work?

The process typically involves the following steps:

  • Initial Consultation: Discuss your situation with a viatical settlement provider.
  • Policy Review: The provider will review your life insurance policy and medical records.
  • Offer: You’ll receive an offer based on the value of your policy and your health condition.
  • Acceptance: If you accept the offer, you’ll receive a lump sum payment in exchange for your policy.
How much money can I receive?

The amount you can receive from a viatical settlement depends on several factors, including the death benefit of your life insurance policy, your age, and your health condition. Generally, the payout is a percentage of the policy’s face value.

Are there any tax implications?

Viatical settlements are typically tax-free if the insured has a life threatening illness, but it’s crucial to consult with a tax advisor to understand the specific implications for your situation.

How can a viatical settlement benefit me?

Viatical settlements can provide much-needed financial relief during challenging times. The lump sum payment can help cover:

  • Medical bills
  • Prescription medications
  • Home healthcare services
  • Assisted living costs
  • Daily living expenses
  • Personal goals or experiences