Learn About Financial Resources to Help Manage the Cost of Cancer.
Cancer treatment combined with not being able to work can result in financial challenges, making daily life stressful and disheartening. If you’ve been diagnosed with cancer, you need to focus on your health, but sometimes that can feel impossible when you’re saddled by an influx of bills. Organizations that help cancer patients financially can help with medical bills, other costs associated with cancer treatment, and more. Here are a few organizations that can provide support services and help with financial needs.
Your Insurance Policy Has Cash Value Right Now
For many patients, a Viatical Settlement can be one of the greatest sources of financial help.
WHAT TO EXPECT
Viatical settlements are different than other types of financial assistance for cancer patients because they:
- Provide funds quickly, within a matter of weeks.
- Provide large lump-sum payments.
- There are no restrictions on using the money.
- It reduces monthly bills by eliminating insurance payments.
VIATICAL SETTLEMENTS DEFINED
A viatical settlement is an arrangement in which someone with a life-threatening illness sells his or her life insurance policy for cash. Best of all, under federal law, viatical settlements are non-taxable.
WHAT HAPPENS IF MY LIFE INSURANCE POLICY LAPSES?
According to the Life Insurance Settlement Association (LISA), more than 710,000 policies are lapsed or surrendered each year. As a direct result, a staggering seven billion dollars in combined face value is lapsed each year by American seniors over the age of 70.
Once a life insurance plan lapses, the life insurance company is not under any legal obligation to pay the beneficiaries if an insured person passes away. The reinstatement process requires good health with proof of insurability and all missed premiums must be paid to the insurance company.
Essentially, the viatical settlement process allows late-stage cancer patients to explore all options before lapsing the life insurance policy because of unaffordable premiums. Even with a decision to keep the policy, knowing the value of the policy on the open market gives the patient options and financial peace-of-mind.
Here’s How the Viatical Settlement Process Works:
- Contact American Life Fund today at 877-297-4592 to speak with a counselor or complete our easy online form.
- Complete the simple application. After the initial, three-page application is submitted, American Life Fund will review all medical records and policy information to verify all the details provided by the insured.
- Receive an offer. Once the insured’s case information is verified, an offer for your policy may be provided. If accepted, closing documents will be sent out for your signature. Next, your life insurance carrier will be instructed to make the necessary beneficiary changes to the policy. Once these changes are made, you will receive a lump-sum payment for your policy.
WHY SELL MY POLICY?
- Pay for medical costs or alternative treatment
- Premium payments become unaffordable
- Funds are immediate and tax-free
- No obligation, receive an instant quote and three-page application process
- Replace loss of income
- Individuals with late-stage cancer or a life-threatening disease
- Currently own an existing life insurance policy
- Death benefit of the life insurance policy is at least $100,000 or more
HOW DO I APPLY?
- Call 877-226-9836 or apply online to find out what your policy is worth. There’s no-hassle & zero obligation.
- If you qualify for a viatical settlement, you’ll be sent a simple, three-page form asking for additional information on you and your policy.
- Once we receive your forms and verification, you can receive an offer on your policy.
- If accepted, you can receive your funds in as little as 2 weeks. It’s that simple.
If you need financial help, check out the above organizations that help cancer patients financially. To learn more about cashing in on your life insurance policy early, contact American Life Fund directly. We may be able to help.