For many individuals facing a cancer diagnosis, ensuring comfort and quality of life through palliative care is a top priority. Funding palliative care for cancer patients with viatical settlements offers a financial solution for those in need of immediate resources to cover medical and living expenses. By selling their life insurance policy, patients can access a lump sum payment to support their care journey without waiting for a death benefit.
What Are Viatical Settlements?
A viatical settlement is the sale of a life insurance policy to a third-party buyer for a cash payout. This option is available to individuals with a terminal illness, such as advanced cancer, who meet specific qualifications. The buyer assumes responsibility for premium payments and receives the policy’s death benefit when the insured passes away. For patients, it provides an opportunity to convert a policy into funds that can be used for palliative care or other urgent needs and an answer for how to pay for cancer care related costs.
Why Palliative Care Is Essential
Palliative care focuses on managing pain, relieving symptoms, and improving the overall well-being of cancer patients. It encompasses services such as:
- Pain management and symptom relief
- Emotional and psychological support
- Assistance with daily activities
- Coordination of medical care
The goal is to enhance the patient’s quality of life and provide support for their family during challenging times.
How Viatical Settlements Support Palliative Care
Cancer treatments and associated care costs can be overwhelming, even with health insurance. A viatical settlement allows patients to:
- Cover Medical Expenses – Pay for medications, treatments, and specialist visits not fully covered by insurance.
- Access In-Home Care – Afford professional caregivers or hospice services to receive care in a comfortable environment.
- Relieve Financial Stress – Reduce the burden on family members who may struggle to cover costs out of pocket.
Qualifying for a Viatical Settlement
To qualify for a viatical settlement, cancer patients typically need to meet these requirements:
- A terminal diagnosis with a life expectancy of fewer than 24 months.
- Ownership of a life insurance policy, such as term, whole, or universal life.
- A policy with a face value of at least $100,000. This is generally the minimum, but some smaller policies may still qualify. It is always best to ask.
Each case is evaluated individually, and the offer amount depends on factors like the policy type, the insured’s age, and medical condition.
Steps to Obtain a Viatical Settlement
- Evaluate Your Policy – Confirm that your life insurance policy is eligible for a viatical settlement. We can help you determine eligibility in a short 5-to-10-minute phone call.
- Consult a Professional – Work with a viatical settlement company to determine the value of your policy. Viatical.org can assist you with obtaining a no obligation policy appraisal.
- Receive Offers – If value is found and there is interest, life settlement purchasers will make an offer for the policy.
- Access Funds – Use the cash payment to fund palliative care and other expenses.
Benefits of Choosing a Viatical Settlement
- Immediate financial relief.
- Flexibility in using funds for medical or personal needs.
- A straightforward process with no repayment obligations.
Is a Viatical Settlement Right for You?
Funding palliative care for cancer patients with viatical settlements can be a lifeline. By leveraging a life insurance policy, individuals can focus on comfort and support during their palliative care journey, knowing they have the financial resources to manage their care effectively.
To find out if you or your loved one qualify to access the hidden value in life insurance through a viatical settlement, please give us a call at 800-973-8258.