If you’ve experienced a recent medical emergency, it’s easy to rack up expensive bills. In fact, recent figures put almost seventy million people in the United States facing crippling medical debt. If you’ve been saddled with hefty medical bills due to a life-threatening illness, it may be worth evaluating whether or not it makes sense to seek out a viatical settlement.
There are plenty of viatical settlement companies worth looking into when you need money in an emergency. These types of companies offer you a lump sum of cash in exchange for your life insurance policy. In order to qualify for one of these types of settlements, you need to meet a few criteria. For starters, you are only eligible to receive a viatical settlement if you have a life-threatening illness such as cancer, ALS, or Alzheimer’s. Another factor in whether or not you qualify for a viatical settlement is if your policy is worth at least $100,000. Viatical settlement offer amounts range widely. However, in some cases, you can receive as much as 70% of your policy’s face value.
Knowing that you can get up to 70% of your life insurance policy’s value as a lump sum is obviously a game changer for many people who want to avoid medical debt. When even an ambulance ride can run you more than $1,300, it’s clear that seeking medical treatment can be a costly financial event to navigate. These are the reasons so many people end up taking on multiple medical bills or extra credit cards just to get the treatment they need. Particularly for patients needing regular medical treatment, such as chemotherapy, it can be daunting to navigate how to finance your hospital visits. Getting a lump sum quickly and efficiently can be a major boon for avoiding medical debt. It can allow you to finance your operations and procedures without needing to take on the additional stress of a loan and other forms of debt.
When it comes to getting your settlement, the process couldn’t be easier. Most companies have you fill out a simple form online that helps determine your eligibility. Once the viatical settlement company has concluded that you do qualify for a settlement, they will reach out to you to explain the process and any relevant terms and conditions. From there, you can provide them with the easiest way for you to receive your funds. The entire process is very simple, allowing you to quickly reclaim your peace of mind and get focused on paying off your debts or financing your medical procedures. Best of all, companies like American Life Fund will even offer you the ability to consult with a financial counselor. Doing so is a great way to ensure that a viatical settlement is the right fit for you and your family, and can even help as you set up goals for how to pay down your debts.
Viatical life settlements were designed to help the seriously ill take charge of their situation and avoid medical debts. These tax-free, lump sums are a great way to provide families with the money they need to pay for expensive treatments or medical care. Doing so can also help relieve the stress of taking on extra debt, ensuring you enjoy your life and get the most out of it.
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