Viatical Settlement Massachusetts

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.

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

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.

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.

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

  1. You’ll get a one-time payout much higher than the cash surrender value through a viatical.
  2. Help pay for medical expenses such as medical premiums, treatment, or long-term care.
  3. Use your money for better care, travel, or anything else to make you happier.
  4. With a viatical settlement, you can stop making premium payments. The new owner i.e. the viatical settlement company, will take over those responsibilities. They will also be in charge of any other maintenance costs.
  1. Government assistance programs such as Medicaid are need-based programs based on your income and assets, so you may lose eligibility if your finances improve.
  2. Beneficiaries won’t be able to receive the death benefit from your life insurance policy  unless you choose to give them part of your viatical settlement payout.

Here are a few examples of how people have used their viatical settlement payouts:

  • 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 $200,000 and used the money to pay for her medical expenses and treatments.
  • Mike had a life insurance policy with a $200,000 death benefit. He received $90,000 and used the money to pay off his debts.

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

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.

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

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

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.

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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“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.”

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Massachusetts Counties Eligible for Viatical Settlements

Barnstable, Berkshire, Bristol, Dukes, Essex, Franklin, Hampden, Hampshire, Middlesex, Nantucket, Norfolk, Plymouth, Suffolk, and Worcester.

Viatical Settlement Middlesex County

In Middlesex County, residents facing a life-threatening illness can find financial relief through viatical settlements. At American Life Fund, we understand the challenges faced by individuals in this populous and diverse county. Our dedicated team provides compassionate support, guiding you through the viatical settlement process to ensure you make well-informed decisions about your financial future.

Viatical Settlement Worcester County

For residents of Worcester County, viatical settlements offer an important financial lifeline during difficult times. American Life Fund is here to assist you every step of the way. We offer personalized support to help you with viatical settlements, making sure you understand your options and can make the best decisions for your financial health in this vibrant community.

Viatical Settlement Suffolk County

In Suffolk County, managing a serious illness can be particularly challenging given the county’s urban environment and high living costs. American Life Fund provides support through viatical settlements, helping residents access the funds they need. Our experienced team will guide you through the process, ensuring you are well-informed and can make confident financial decisions during this challenging time.

Viatical Settlement Norfolk County

Residents of Norfolk County facing a life-threatening illness can benefit greatly from viatical settlements. At American Life Fund, we are committed to providing the support and guidance needed through this process. Our team will help you understand your options, allowing you to make informed choices about your financial future in this county.

Viatical Settlement Essex County

In Essex County, American Life Fund offers vital assistance to those dealing with life-threatening illnesses through viatical settlements. Our team is dedicated to simplifying the process and providing clear information, so you can make the best financial decisions for your situation. We strive to support Essex County residents in managing their financial needs during difficult times.

Viatical Settlement Bristol County

Bristol County residents can turn to American Life Fund for support when facing a life-threatening illness. Viatical settlements provide financial resources, and our team is here to make sure you fully understand your options. We are dedicated to offering personalized assistance, supporting you through the process.

Insights for Viatical Settlements in Massachusetts

Massachusetts, home to about 7 million people, has a significant portion of residents who may benefit from viatical settlements. Around 15% of the population is aged 65 and older, facing rising healthcare needs and costs.

Approximately 5.4% of residents under 65 live with a disability, and 3.8% are without health insurance, highlighting a segment of the population that faces substantial medical and financial challenges.

Healthcare costs in Massachusetts are among the highest in the nation. The average cost of assisted living is $6,500 per month, and nursing home care can exceed $12,000 per month, according to Genworth’s 2024 report. These high costs can create financial strains, particularly for those with severe health conditions.

For individuals diagnosed with serious illnesses, medical expenses can be overwhelming. A study revealed that costs for Medicaid beneficiaries with cancer range between $30,540 and $47,850 in the six months following diagnosis.

Viatical settlements offer necessary financial support, providing a lump sum cash payment. This allows individuals to manage healthcare costs, living expenses, or fulfill personal goals during challenging times. For Massachusetts residents facing high medical expenses due to a life-threatening illness, viatical settlements can be a particularly beneficial financial option.

FAQ about Viatical Settlement in Massachusetts

Who is eligible for a viatical settlement in Massachusetts?

In Massachusetts, individuals diagnosed with a life-threatening illness, typically with a life expectancy of two years or less, are eligible for viatical settlements. The policyholder must have a valid life insurance policy to sell.

How much can I expect to receive from a viatical settlement?

The amount received from a viatical settlement depends on factors such as the policy’s death benefit, the policyholder’s life expectancy, and the terms of the policy. Generally, the payout is higher than the policy’s cash surrender value but less than the death benefit.

Are viatical settlement proceeds taxable in Massachusetts?

Generally, proceeds from a viatical settlement are not subject to federal income tax if the policyholder is seriously ill. However, it is advisable to consult with a tax professional to understand any specific state tax implications in Massachusetts.

How long does the viatical settlement process take?

The viatical settlement process typically takes several weeks to complete. This includes the time needed for policy review, medical records assessment, and finalizing the agreement.

Can I still receive my death benefit if I opt for a viatical settlement?

Once a viatical settlement is completed, the purchaser becomes the new owner and beneficiary of the life insurance policy. This means the original policyholder will no longer receive the death benefit but will receive an immediate lump sum payment instead.

What are the main benefits of a viatical settlement?

Viatical settlements provide immediate financial relief, allowing policyholders to cover medical bills, living expenses, or other financial needs. This can be particularly valuable for those facing significant financial challenges due to a life-threatening illness.