Cancer Treatments Can Be Paid for Using a Viatical Settlement
The use of a viatical settlement is a financial solution for individuals who have a life expectancy of less than five years or who are terminally ill. This option is often used by the elderly who are may have a health problem or suffer from a life-threatening disease. Senior life settlements are another option the elderly can use to pay for long-term care or alternative health treatments.
Description
These are financial products that involve selling a life insurance policy for cash. The proceeds received from a life insurance policy is a percentage of the death benefit. Qualifying policies that can be used to receive a cash payment include term life, universal life, and whole life. Investors will purchase a policy and pay between 40 percent and 80 percent of the death benefit to the policy owner. Brokers put the life insurance policy out for bids. Policy owners who accept a bid will surrender their policy for a payout in cash. The entity that purchased the policy will collect the death benefit when the insured passes.
Payout Uses
One of the popular uses of a the payment from a life insurance policy is to pay for cancer treatments in Mexico. Treatments in Mexico are an alternative to chemotherapy and radiation that is commonly used in hospitals. The costs to treat cancer are often more than individuals with poor insurance can afford. A health insurance company often pays for part of the treatment, but may not cover the entire cost. This is why individuals have bills in 2013 that need to be paid by using their savings or cashing in a 401(k).
Cancer Treatments
Cancer treatments in Mexico can take up to several months or just a few weeks. This is a great option a terminally ill individual can choose by selling a life insurance policy for a cash payment. The payments for treatment can be made in installments or in a lump sum. Individuals will receive their payment from their life insurance policy in a lump sum. This amount can easily be put into a savings account that may be used to wire money instead of traveling with cash.
Settlement Process
The process to sell a life insurance policy for cash often takes between six to ten weeks. There are also a various qualifications that need to be met to determine the maximum payout for a policy. If individuals have an illness that is terminal, then alternative treatments an be funded by selling a life insurance policy. If you are interested in selling a life insurance policy for cash, then contact a qualified broker today.
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Category: Insurance
