Signs that It’s Time for a Viatical Settlement

It’s not easy facing death after getting diagnosed with a terminal illness. Your life won’t be the same again, and you don’t know when that time will come. Of course, you still need to strive hard to manage your disease. However, you need to face the reality that you have a terminal illness, and you only have a few months left to live. The diagnosis is the first sign that you need to consider a viatical settlement.

When you have a life insurance policy, you can’t reap the benefits once you die. It’s only valid while you’re alive. Rather than seeing it go to waste, you could sell it to another person who needs a life insurance policy. The person can continue paying the monthly premiums and reap the life insurance benefits as the new policyholder.

You badly need the money

Perhaps, the only problem, if you decide to use a viatical settlement, is that you won’t get the face value of your insurance policy. You can sell it at a price lower than its current estimated value. Despite that, you should still take it. You need money to pay for the hospital bills. You also need to prepare yourself for funeral expenses. The amount might be small, but it’s useful enough to help you with these financial struggles.

You don’t want your family to shoulder the burden

If you’re the breadwinner, your family might have a difficult time right now since you can’t provide for them anymore. Add to that the medical expenses incurred due to your illness. If you want to help with the fees, you need to sell your life insurance. You don’t have other means to earn money right now. With the profit you make from selling the insurance, you can at least help your family.

You found someone who needs the insurance

Not everyone starts to think about their finances early in life. They consider insurance only when they’re already in their 40s or even later. At that point, the insurance premiums are way too high. They also won’t get a lot since they will only have a few years to contribute. If you find a person who faces this problem and is willing to buy the policy at a reasonable price, you can pursue the deal. Even if the amount isn’t the same as the estimated value of the insurance, it’s okay. The goal is not only to earn money but to help someone who still has several more years to live.

You’re ready to face your future

It’s not easy to know that you’re going to die soon. You will have a hard time accepting your fate. If you have reached a point where you already accept the idea that you won’t live much longer, it’s time to think about selling your life insurance. Don’t rush the process since you will go through several emotional stages.

You can speak with experts if you want to know how this settlement works.

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