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How Can a Viatical Settlement Help You and Your Loved Ones?


Whether you’re dealing with a terminal illness or have someone close to you who’s received such a diagnosis, coping with the emotional impact of such a reality can be straining. However, many forget that another major source of stress and anxiety can be related to the financial impact of a terminal illness.

Healthcare can be expensive, and the many typical resources that you may turn to may not be enough to cover both the treatments and medications needed as well as other major expenses. With that in mind, it’s important to remember that there are resources out there that can provide the relief you need. If you’re in need of financial support, let’s take a closer look at viatical settlements, what they are, and how they may be able to help you.

Money being counted
Photo by Sharon McCutcheon on Unsplash

What’s a viatical settlement?

Put simply, a viatical settlement is a term that refers to the sale of a life insurance policy by someone with a terminal illness (such as cancer patients) in exchange for cash. Although many recommend exhausting all of your options before you turn to viatical settlements to support your finances, this type of sale to a third party can give you access to the quick cash you need in order to cope with the demands of healthcare and daily life. If you or a loved one has received a grim cancer diagnosis, this may be an opportunity for you to supplement some of the other financial resources you are using to pay for these needs.

How does a viatical settlement work?

It’s important to remember that a viatical settlement is a type of investment for a third party. In order for them to benefit from the purchase, they’ll provide you with a sum of money that’s less than the face value of your policy and collect the death benefit upon you or your loved one’s passing. Your life expectancy will play a major role in how easy it is to find a buyer as they’ll want to purchase life insurance policies from an individual whose policy will provide the anticipated returns. Although it can sound morbid to some, viatical settlements can be a major financial lifeline for families in need.

But where do you find a buyer? Scouring the United States for a reputable company that’ll purchase your policy can be difficult. Instead of going through this extensive process, reach out to an established company like American Life Fund for your selling needs. American Life Fund is a viatical settlement company dedicated to helping those with life-threatening diseases sell their policies and get the cash that they need. They also provide additional financial services for cancer patients for whom a one-time life insurance policy may not be enough.

What can I use the money I receive for?

Once you have the cash that you need, you can use these funds to pay for medical expenses, day-to-day expenses, and other financial demands that may have been hard to take care of prior to selling the life insurance policy. The good news? Viatical settlements often qualify for tax-exemption, meaning that you don’t have to worry about losing a large amount of your settlement to their IRS (make sure to look closer into the financial implications of viatical settlements before making a final decision).

Most individuals with terminal illnesses will find ways to pay for their treatment and beyond. But even while there is a host of resources out there designed to provide support, even these options can be exhausted. If you’ve found yourself financially burdened by your terminal illness and need a financial lifeline, use the guide above to learn more about viatical settlements and whether or not they’re the next step for you.

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