Viatical insurance, also known as a viatical settlement, offers you a way to cash out your life insurance policy now instead of later. For cancer patients, this transaction can be an essential way to cover expensive medical bills. However, there are numerous other ways that you can use the funds from viatical insurance as well. In particular, you may want to consider the following:
Supplement Your Income
When you’re ill, working can be impossible, but if you’re like most people, you probably still have bills to pay. Viatical insurance can help to cover your income and alleviate some of your financial stress. If you’re still working, you may even want to take out a settlement so that you can retire from your job and focus on your recovery.
Pay for Home Care
Going back and forth between your home and the hospital or medical clinic can be time-consuming and exhausting. To avoid this, you may want to use some viatical insurance proceeds to pay for home care. There are medical professionals who can come to your home to assist you, or you may even want to treat yourself to a house cleaner, a cook, a nanny to help with the children, or other in-home services. They can help to make you more comfortable and alleviate some of the burden that is on you.
Pay Off Existing Debt
In that same vein, if you have a lot of existing debt, you may want to use the viatical insurance funds to pay it off. For instance, if you owe money on your home, and you want to leave it to your children, you may want to use the funds to pay off the remainder of your mortgage. Similarly, if you don’t want to leave your family with credit card debt, you may want to use the funds to pay off those bills.
Pay for Your Children to Take a Leave of Absence
When you have cancer, you probably want to spend as much time as possible with your friends or family, but if they have to work, that’s not usually so feasible. To allow your family members to take a break and spend time with you, you may want to use your viatical insurance money to cover some of their wages. Then, they will be able to quit or take a leave of absence to spend quality time with you.
Real Female hairless fight against cancer at the beach
Take a Vacation
Regardless of how you decide to use your viatical settlement, its role is to make your life easier. So why not use the funds to enjoy yourself? Consider going on a vacation with family or renting somewhere local to have a ‘staycation’ with your loved ones. You and your family will create irreplaceable, lifelong memories.
To learn more about viatical insurance and to find out if it’s right for you, contact us at American Life Fund today. You can call us directly at 877-297-4592, or fill out our online form to receive more information about your viatical insurance options.