A multiple myeloma diagnosis can bring financial strain along with the emotional and physical toll of treatment. Many people are surprised to learn that they may be able to access life insurance funds after a myeloma diagnosis without taking on new debt or depleting savings.
If you have been diagnosed with myeloma, you may qualify to sell your life insurance policy through a viatical settlement. This option allows eligible policyholders to receive a lump-sum cash payment, often much higher than the policy’s cash surrender value. These funds can provide flexibility during a time of uncertainty and support important decisions for you and your family.
What Is Multiple Myeloma?
Multiple myeloma is a cancer of plasma cells found in the bone marrow. It is often chronic, with periods of active disease requiring ongoing treatment. The condition can lead to bone pain, fatigue, anemia, kidney damage, and increased infection risk.
Common treatment options include:
- Immunomodulatory drugs (such as Revlimid or Pomalyst)
- Proteasome inhibitors (such as Velcade or Kyprolis)
- Monoclonal antibodies (such as Darzalex)
- Chemotherapy and corticosteroids
- Autologous stem cell transplantation
These treatments can improve survival but often come with high out-of-pocket costs. Insurance may not cover everything, and financial strain can increase over time. Patients may also face reduced income due to the inability to work full-time or at all. Caregivers and family members may also experience financial setbacks or take on unpaid responsibilities.
How a Viatical Settlement Works
A viatical settlement involves selling your life insurance policy to a licensed buyer in exchange for a lump-sum cash payment. The buyer becomes the new policy owner and receives the death benefit in the future. You receive funds based on the value of the policy and your life expectancy at the time of sale.
Funds from a viatical settlement can be used for:
- Medical bills or in-home care
- Travel or temporary housing during treatment
- Paying off credit cards, loans, or other debt
- Household bills and daily living expenses
- Costs related to child or elder care
- Legal planning or financial preparation
- Any other purpose without restriction
Once the sale is complete, you are no longer responsible for paying policy premiums. The buyer assumes all future premium obligations.
Who May Qualify?
Eligibility depends on several factors:
- You have a diagnosis of multiple myeloma or another serious illness
- Your life insurance policy has a face value of at least $100,000
- You have a whole life or universal life policy, or a term policy that is convertible and still within the conversion period
Eligibility is determined on a case-by-case basis, depending on the specifics of your policy and health status.
The Process
The process generally includes three steps:
- Submit your policy and medical information for review
- Receive a cash offer if you are eligible and there is buyer interest
- Accept the offer and complete the sale if you choose
There is no obligation to accept the offer, and there is no fee to apply. If you decide to move forward, a licensed provider handles the contract paperwork and sends your lump-sum payment upon confirmation of change of policy ownership.
Is It the Right Option for You?
Selling a life insurance policy is a major decision, but it may be worth considering if you’re facing the high costs of myeloma treatment. For some, it offers a way to reduce financial pressure and focus on care, comfort, and time with family.
To learn if you qualify, please give us a call at 800-973-8258. In a short 5-10 minute call, you can find out if you may be eligible to access your policy’s hidden value now when it is needed the most.
DO YOU QUALIFY?