Financial Help for Life-Threatening Illnesses
A video about how life and viatical settlements can empower cancer patients and others with life-threatening illnesses to convert their life insurance into funds to fight illness.
Meet Emily. She recently was told by her doctor that she has a life-threatening illness and she’ll need more care and assistance than her health insurance will cover or her family can afford. Her husband James is worried because he knows they need to explore every option immediately so a plan for Emily’s care can be put into action.
Then, James recalls something he’d read about converting existing life insurance to funds to help with lost income and pay for out-of-pocket medical expenses and deductibles while someone is still alive. It sounds like something they should look into since Emily has a life insurance policy and the premiums are going to become an issue as her medical needs progress.
James researches life settlements online and finds valuable information about using life insurance to generate funds for medical care. He learns that Emily’s existing life insurance policy can be leveraged in a number of ways. She can sell all or part of the policy for less than the death benefit but at a fair market value. James also finds that any type of life insurance can qualify — Universal or term policies with seemingly no cash value could still have hidden value and provide immediate financial assistance to Emily. And to think, they had considered letting their policy lapse after reviewing their finances because they had concerns about the premium payments.
Now, Emily and James realize they may be able to preserve their home and savings, and spare themselves the financial strain of funding Emily’s fight against her illness. They’re also happy to learn there are no costs or fees involved to find out if she qualifies, and no obligation once the policy is valued. If Emily qualifies, financial relief and peace-of-mind should come quickly, and the life insurance premiums would be paid for them.
But, Emily is concerned that if they take advantage of this financial option, what would happen if she dies and they don’t have money for her funeral? Then James finds that the plan or agreement can include a provision where a portion of the policy can be “set-aside” to help cover funeral expenses and also leave money to her loved ones.
Emily is relieved she won’t become a financial burden to her family. James is just glad they’ve found a way to get Emily the help she needs now and relief from expensive life insurance premiums. Both of them feel these options will allow them to focus on what’s most important. Now, the life insurance policy that they both felt was only an expense until death actually could have immediate value when they need it most.
Political leaders and advocacy groups across the country are endorsing life settlements as a means to provide health care assistance for any serious illness, including cancer, ALS, Alzheimer’s, or heart disease. It’s easy to learn if you qualify and find how much you might receive. Before you abandon your life insurance policy, call us at Abacus Settlements. See our Contact Us Page.
