Why Choose a Viatical Life Insurance Settlement?
When we talk to clients, one of the questions they often ask is “why sell my life insurance policy”? Ultimately, the answer varies based on your situation, but to help you decide if a viatical life insurance settlement is right for you, here’s a look at some of the reasons patients opt to sell their life insurance policies.
The Financial Benefits
Selling your life insurance is a decision that is very personal and differs for each individual. The most common reason an individual wants this type of funding for cancer patients is because they want to enjoy the financial benefits of their life insurance with their family and friends. In particular, they often choose a viatical life insurance settlement for some of the following financial reasons:
- To pay medical costs
- To pay off debts
- To cover living expenses
- To relieve financial stress
- To have extra money to spend time with their family
- To save money on insurance premiums
Fast and Simple Process
However, as you look at these financial benefits, you may wonder why choose a viatical life insurance settlement? In other words, why not sell your home or another asset? For most people, the answer is simple — a viatical settlement is a lot easier and faster than other alternatives.
When you sell your life insurance policy, you don’t have to change anything about your life. You don’t have to pack all your possessions and move out of your home. In most cases, life insurance policies are a very simple, hassle-free asset to sell. Also, once you sell your policy, your life doesn’t change in any way, except that you have money in your pocket. In contrast, if you sell your home or a similar asset, you’re forced to undergo huge life changes during a time in your life that’s already extremely stressful.
Unfortunately, cancer can be very financially burdensome. Many people have to work during their cancer treatment, and many others go into bankruptcy. Dealing with this stress can be extremely hard on people, but viatical life insurance helps to eliminate that stress by increasing your cash on hand.
Saving Money on Premiums
As indicated above, when you choose a viatical life insurance company, they pay for your premiums. If you’re in a situation where you can no longer afford your premiums, you may consider just letting your policy lapse. If you do that, you basically lose out all the money you’ve paid on your premiums over the years.
In contrast, if you sell your policy, you get the best of both worlds. You get to stop paying your premiums, but you don’t lose your life insurance. Instead, you get the funds now when you’re really in need of them.
If you’re thinking about getting a viatical life insurance settlement, it’s time to work with American Life Fund. We make the process as easy as possible for our clients. Reach out to us today to see how we can help you.