For patients facing a serious diagnosis, financial stress can quickly become overwhelming. Selling life insurance with stage 4 colon or rectal cancer may provide a way to access money from your policy while you’re still living. Through a viatical settlement, you can sell your life insurance policy to a licensed buyer in exchange for a lump-sum cash payment. This option is designed for individuals with a terminal illness who need funds for medical care, family support, or other urgent expenses. It allows you to receive money from your life insurance now, when it can make a real difference.
What Is a Viatical Settlement?
A viatical settlement is the legal sale of a life insurance policy by someone with a qualifying illness. The policyholder transfers ownership to a viatical settlement buyer, who becomes the new beneficiary and takes over all premium payments. In exchange, the seller receives a lump sum cash payment. This can be a much needed lifeline for individuals with advanced cancer who are trying to manage the financial impact of their condition.
Viatical settlements are often used when the policy is no longer needed for estate planning or family protection. Instead of letting the policy lapse or continuing to pay premiums, policyholders can access the value of the policy during their lifetime.
Do You Qualify with Stage 4 Colon or Rectal Cancer?
Most viatical settlement companies consider a stage 4 colon or rectal cancer diagnosis to meet their eligibility requirements. The key factor is usually life expectancy, which must be 24 months or less (or longer for life settlements.) Additional qualifications include:
- A life insurance policy with a face value of $100,000 or more
- An active policy that is in good standing
- A policy type that is eligible, such as whole life, universal life, or convertible term life
- Medical records confirming the diagnosis and prognosis
Even if your cancer is responding to treatment or in partial remission, you may still qualify to sell your life insurance policy for cash depending on your overall health outlook.
How Much Can You Receive?
The value of a viatical settlement offer depends on several factors, including the face value of your policy, your life expectancy, and the cost of premiums going forward. For example, someone with a $250,000 policy might receive up to $125,000 or more, depending on their life expectancy and the details of the policy.
This cash can be used for any purpose, such as paying for medical bills, relocating to be near loved ones, reducing debt, or simply making the most of the time you have.
Benefits of Selling Your Life Insurance Policy
- Immediate access to cash during your lifetime
- No restrictions on how the money is spent
- Relief from the burden of premium payments
- No loan or repayment involved
What to Consider Before Selling
When evaluating a viatical settlement, it’s important to think beyond the offer amount. Make sure you:
- Confirm that your policy qualifies based on type, face value, and health status
- Understand how your life expectancy affects the value of your policy
- Consider whether continuing to hold the policy still serves your needs
- Understand how the sale may impact your beneficiaries
Selling life insurance with stage 4 colon or rectal cancer can help you gain financial control during a difficult time. If you qualify for a viatical settlement, this option may allow you to turn your life insurance policy into a source of support now, rather than leaving it unused. Whether you need help with medical costs or want to reduce financial stress for your family, a viatical settlement may be the right solution. To learn if you qualify, please give us a call at 800-973-8258.
DO YOU QUALIFY?