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Thanks to American Life Fund I am now able to enjoy my time — we couldn’t be more grateful.
“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
Frequently Asked Questions
Are there any restrictions on the proceeds?
Viatical settlement companies require absolutely no restrictions and sellers are free to use the funding for cancer patients however they wish.
How long does it take to complete the transaction?
ALF’s goal is to complete most transactions as soon as possible. Obtaining the individual’s medical records is one factor that may hold the process up. If the individual provides their most updated medical records from the last two years as well as a copy of the insurance policy at the time of applying, this will greatly speed up the process. Once the closing documents are signed and notarized by the insured and the change forms have been processed by the insurance carrier, funding for cancer patients can be released to the seller in as little as two weeks.
Are viatical proceeds taxable?
No. Congress passed portions of the Health Insurance Portability and Accountability Act that exempt viatical settlement proceeds from income taxes (HIPAA, 1996). This law enables individuals that are deemed terminally ill the ability to not be taxed on the proceeds from their viatical settlement. ALF recommends individuals to contact their tax adviser to find out about any tax implications.
How is my offer determined?
The amount to be paid to the owner of a policy depends upon various factors such as medical condition, age of the insured, amount of future premiums due to keep the policy in force and the cash surrender value of the policy. A typical offer on funding for cancer patients can range anywhere from 50% – 75% for the face value of the policy. Learn more about how a viatical settlement company will determine your offer.
Am I responsible for future premium payments?
No. The viatical company covers all future premium expenses. You are no longer responsible for any future premiums payments and hold no responsibility to the policy.
How does a viatical settlement work?
To begin the viatical settlement process, contact American Life Fund today at (877) 421-0148 to speak with an American Life Fund Counselor. American Life Fund will then guide you through a pre-qualification process and ask you to fill out our easy application form. After you have passed the pre-qualification process, we will review your medical records and life insurance policy in more depth. If the qualification needs are met, you may be presented with an offer for your policy. If accepted, a sale/purchase agreement will be put together for you to review and sign. Your life insurance carrier will be instructed to make the necessary ownership changes to the policy. After the changes to the policy are confirmed, funds will be released to you.