Viatical Settlement North Carolina

Get Your Free Estimate!

Call us today at 877-261-0632

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.

See If You Qualify!

How Does a Viatical Settlement in North Carolina 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.

See If You Qualify!

Want a free estimate for your policy?

Use our free calculator to see if you qualify and get an estimate of your policy’s worth.

See If You Qualify!

Who Is Eligible To Get A Viatical Settlement in North Carolina?

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 North Carolina

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.

See If You Qualify!

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.

See If You Qualify!

The Pros And Cons Of A Viatical Settlement

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. 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.

Cons:

  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.

Viatical Settlement Examples

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.

See If You Qualify!

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.
See If You Qualify!

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.

See If You Qualify!

We’ve Helped Thousands of
People Just Like You.

See Our Testimonials

“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

Cancer Financial Assistance

“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

Paying For Cancer

“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

Viatical Settlements

North Carolina Counties Eligible for Viatical Settlements

Viatical Settlements Mecklenburg County

At American Life Fund, we understand the difficulties of managing a life-threatening illness in Mecklenburg County. If you’re considering a viatical settlement in the Charlotte area, our dedicated team is here to offer the support and guidance you need. We specialize in providing empathetic and comprehensive assistance, helping you navigate the intricacies of viatical settlements. Our commitment is to partner with you closely, ensuring you are well-informed about your financial options.

Viatical Settlements Wake County

Dealing with a life-threatening illness in Wake County can be overwhelming. If you’re exploring viatical settlements in the Raleigh area, American Life Fund is ready to assist you. Our team offers support and detailed guidance through the settlement process. We aim to work closely with you, making sure you have a clear understanding of your financial alternatives and the support you need during this challenging time.

Viatical Settlements Guilford County

In Guilford County, facing a life-threatening illness requires significant support and resources. At American Life Fund, we provide specialized assistance if you’re considering a viatical settlement in the Greensboro area. Our experts are committed to delivering compassionate and detailed help, ensuring you understand every aspect of viatical settlements. We focus on close collaboration, helping you make informed decisions about your financial options.

Viatical Settlements Forsyth County

At American Life Fund, we recognize the challenges that come with confronting a life-threatening illness in Forsyth County. If you’re thinking about a viatical settlement in the Winston-Salem area, our team is here to provide the support you need. We are dedicated to offering empathetic guidance and comprehensive assistance, helping you grasp the details of viatical settlements. Our commitment is to ensure you are fully informed and supported in exploring your financial options.

Viatical Settlements Cumberland County

Managing a life-threatening illness in Cumberland County can be daunting. If you’re considering a viatical settlement in the Fayetteville area, American Life Fund is prepared to support you. Our team specializes in providing compassionate and thorough assistance, ensuring you understand the nuances of viatical settlements. We are committed to working closely with you, helping you navigate your financial options with confidence and ease.

Viatical Settlements Durham County

Facing a life-threatening illness in Durham County brings its own set of challenges. If you’re looking into viatical settlements in the Durham area, American Life Fund is ready to assist you. Our team offers compassionate support and detailed guidance, specializing in helping you understand all aspects of viatical settlements. We are dedicated to a close partnership, ensuring you are well-informed and supported in managing your financial choices.

Insights for Viatical Settlements in North Carolina

In North Carolina, the necessity for financial solutions like viatical settlements is significant, particularly among the older population and those facing severe health issues. Approximately 16% of the state’s population, which translates to around 1.6 million people, are aged 75and older. 

These individuals often deal with multiple health challenges that result in substantial medical costs. Every year, an estimated 56,000 North Carolinians receive diagnoses of life-threatening diseases such as cancer, heart disease, and chronic respiratory conditions. 

While the cost of living in North Carolina is about 5% below the national average, many individuals, especially retirees and those on fixed incomes, find it difficult to cope with unexpected healthcare expenditures. 

The average annual income from pensions and Social Security in the state is around $25,000, often insufficient to cover the combined costs of living and medical care in the face of a serious illness. 

According to a study on the Prevalence and Medical Costs of Chronic Diseases Among Adult Medicaid Beneficiaries, Costs among beneficiaries with cancer were $29,384–$46,194 for the 6 months following diagnosis. Clearly a monthly pension is not enough to handle everything.

Viatical settlements provide a crucial financial option, allowing residents to access their life insurance benefits early and obtain the necessary funds to cover these pressing expenses.

FAQ About Viatical Settlement In North Carolina

How does the viatical settlement process work in North Carolina?

In North Carolina, the viatical settlement process allows individuals with a life-threatening illness to sell their life insurance policy for a lump sum that is less than the death benefit but more than the cash surrender value.

The process typically involves choosing a reputable viatical settlement company, submitting an application, reviewing your life insurance policy and medical records, receiving an offer, and transferring the policy ownership to the buyer upon accepting the offer. Companies like American Life Fund are experienced in guiding clients through this process smoothly in North Carolina.

Are viatical settlements taxed in North Carolina?

Viatical settlement proceeds are generally exempt from federal income taxes for individuals with life-threatening illnesses, as per the Internal Revenue Service (IRS) guidelines. This tax exemption is applicable if the policyholder is chronically or seriously ill. State tax implications in North Carolina may vary, and it is advisable to consult with a tax professional for tailored advice specific to North Carolina.

Can I change my mind after accepting a viatical settlement offer in North Carolina?

Yes, in North Carolina, policyholders are given a rescission period during which they can reconsider their decision after accepting a viatical settlement offer. This period typically lasts for 15 days after receiving the funds. It’s important to understand the terms of your viatical settlement agreement to be aware of the specific conditions and timeframe for rescission in North Carolina.

How does North Carolina protect my privacy during the viatical settlement process?

North Carolina enforces regulations to guarantee the privacy of individuals during the viatical settlement process. These regulations mandate that viatical settlement companies adhere to state laws regarding the confidentiality and security of personal and health information. Companies are required to protect the privacy of policyholders’ medical records and personal data, using it strictly to facilitate the settlement process.

How do I choose a viatical settlement provider in North Carolina?

When selecting a viatical settlement provider in North Carolina, make sure that the company is licensed and regulated by the North Carolina Department of Insurance. It’s beneficial to research potential providers, checking their reputation, experience, and the terms they offer. Look for companies that provide personalized guidance and support, like American Life Fund.

What happens if my life expectancy changes after I have sold my policy?

Once a viatical settlement transaction is completed in North Carolina, and the policy is sold, the agreement is final, regardless of any changes in the seller’s life expectancy. The viatical settlement company assumes the risk of the seller’s life expectancy changing. If the seller lives longer than expected, the settlement amount does not change, and the company retains ownership of the policy.

Get a personalized Viatical Settlement estimate.

We will get you the best possible offer for your policy.

Qualify Now
(877) 261-0632