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American Life Fund > Let Us Guide You Through Your Viatical Settlement

Let Us Guide You Through Your Viatical Settlement

What Is A Viatical Settlement?

A viatical settlement occurs when someone with late-stage cancer or other life-threatening illness, sells their life insurance policy for immediate funds. This money helps to fund items such as medical costs, living expenses, alternative treatments, and much more. To learn more about the viatical settlement basics, check out our introduction to viaticals here.

Unfortunately, many cancer patients are still unaware of viatical settlements as an option to supplement cancer costs. At American Life Fund, we aim to educate cancer patients on all of the financial options available to them.

The viatical settlement process allows late-stage cancer patients to explore all their financial options. Even if you decide to keep your policy, knowing the value of the policy on the open market gives you financial peace-of-mind. Learn how our simple process works.

Our Three Step Process

  1. Contact American Life Fund today at 877-297-4592 to speak with a counselor or complete our easy online form. We will guide you through the qualification process and ask you to fill out an easy one-page application form.
  2. After the initial application is submitted, the American Life Fund will review your policy and medical information to verify your policy and health status.
  3. Once your policy and medical information are verified, you will be provided an offer for your policy. If accepted, a contract will be signed by both parties and your life insurance carrier will be instructed to make the necessary ownership and beneficiary changes to the policy. After the changes to the policy are confirmed, funds will be released to you immediately.

Why Sell Your Policy?

Pay for medical costs of the most common ways that people use viatical settlements is to cover medical costs. Unfortunately, cancer patients often end up in debt, because they are unable to work but still have to cover extensive medical bills. By turning to a viatical settlement in this situation, you alleviate stress and also help to ensure that you get the care you need.

 In some cases, patients turn to viatical settlements because they want to explore treatment options that are not covered by their insurance plan. They may also need help with travel expenses related to seeking treatment. Luckily, there are no restrictions on how you use your settlement, and you can use the funds to cover any type of medical care or costs associated with obtaining that care.

  • Fund alternative treatment. Recently, alternative cancer treatment has gained increasing popularity. These therapies use complementary and alternative methods to prevent and treat cancer when traditional methods fall short. However, alternative treatments can cost more than $60,000 a month. A viatical settlement can help you explore other types of cancer treatment you wouldn’t normally be able to access.
  • Replace loss of income. Late-stage cancer may put you in a position where you may have to quit working, which can take a toll on your finances. A viatical settlement can supplement any salary loss so you can focus on your treatment.
  • Simple application process. The first step is to see if you qualify by completing our simple online form or giving us a call at 877-226-9836. Then, you submit a short, one-page application along with any medical records or policy information you have on hand.
  • Funds are immediate and tax-free. Under the tax code, a sale of a life insurance policy when the insured individual has a life expectancy of two years or less is considered a viatical settlement. Funds from a viatical settlement are tax-free.
  • Hire a caregiver. Sometimes people even use these funds to hire a friend or family member to be their caretaker. Taking care of someone in their time of need can be an honor for close friends or relatives, but that’s often not possible when someone has their own bills to worry about. To ease their burden, you may want to use a viatical settlement to help them cover their own costs so they can afford to take an unpaid leave of absence to help you.

Taking care of someone with cancer can be very hard on loved ones, and in many cases, regardless of having extra funds around, a patient’s family members may not be able to quit working in order to care for their loved one full time. In these cases, you may want to use a viatical settlement to hire a professional caretaker.

  • You’re thinking about letting your policy lapse. 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 7 billion dollars in combined face value lapses each year. Once a life insurance policy lapses, the life insurance company is not under any legal obligation to pay the beneficiaries.

Who Qualifies?

  • Individuals diagnosed with late-stage cancer or a life-threatening illness
  • You have an existing life insurance policy of $100,000 or more

How Do I Apply?

  • Call 877-226-9836 or apply online. There’s no-hassle & zero obligation.
  • If you qualify for a viatical settlement, you’ll be sent a simple, one-page form asking for basic information on you and your policy.
  • Once we receive your application and verify your information, you’ll receive an offer on your policy.
  • If accepted, you receive immediate lump-sum payment. It’s that simple!
See If Your Policy Qualifies!
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