If you’ve found yourself in the unfortunate situation where you’re suffering from a terminal or chronic illness, you might be wondering how you’re going to get your financial affairs in order. It can be a struggle to manage your resources in a way that allows you look after yourself for the time that you have left, while at the same time trying to find ways to make the most of that time. For these situations, a viatical settlement could be the option that you’re looking for. At Sell Your Life Settlement, we have extensive experience with providing both viatical settlements and life settlements – so you can rest assured that you’re dealing with an absolute expert in this space. We’ll take you through all of the relevant details and regulations to ensure that you fully understand what you’d be signing up to – and the broad benefits for doing so. Below, you can discover more information about viatical settlements, at your convenience.
What is a Viatical Settlement?
First things first, what exactly are viatical settlements? It’s a question that we’ve answered many times in the past. A viatical settlement is an agreement where a life insurance policy holder who is terminally ill (with a life expectancy of two years or less) decides to sell their life insurance policy at a discount from its total value, in exchange for an immediate cash settlement. As a result, the original policy holder withdraws their right to choose the beneficiary of their death policy benefit. There are numerous reasons that this might be the best choice for your situation, a few of which we’ll run through below.
Care and Comfort
As you approach your final years and months, you might begin to think, more and more, about the comfort and care that you’ll experience. Getting access to facilities and expertise isn’t inexpensive – in fact, generally these services tend to cost quite a bit – and there’s every chance you’ll need financial assistance to make this happen. A viatical settlement can help cover these costs without any real difficulty.
There are other ways to secure financing in your final days, but these aren’t nearly as painless or streamlined as a viatical settlement agreement. It might be possible for you to pursue a reverse mortgage, for example, but these can be more challenging to secure, take longer, and are a much more stressful experience to handle – which is the last thing you need at such a difficult time.
Facilitating Family Time
It’s clear that as peoples’ health declines, family time seems to matter more and more to them. Of course, if you’re having to work to keep the lights on or to cover care costs in the future, you’re going to have that much less time to spend with your family. With a viatical settlement in place, you’ll have the cash needed to cover your living costs without having to worry – and that means more time spent with your loved ones.