Cancer Costs: What Can Be Done?

The economic impact of individuals who suffer from cancer is very large; according to a study conducted by the National Institutes of Health, in 2008, the overall annual cost of cancer treatment came to about $201.5 billion.  When you put those numbers into perspective, it is astounding what an individual has to pay for treating this disease.  The impact is felt not just in the life of the individual and their loved ones, but indirectly as well; the indirect mortality costs due to loss of productivity came to $124 billion.

If you are fighting off cancer, here is one of the main points to consider as you ponder the future:


-       How Will I Pay For Treatment?


As we touch on the financial ramifications of dealing with cancer, there are two points to look at: the first point is the actual cost of the treatment, and the second point is the potential of lost time at work due to the treatment.  Without a source of money coming in, what can you do?  There is an option: sell your life insurance policy.  You can end up with a cash payout when it is bought by a corporation, and that can be the difference between being able to pay for your medical bills.


-        The Viatical Settlement Process

 Selling a life insurance policy can be performed two ways: The first way is when a company buys life insurance policies directly from an ill individual, using either their own funds or with the money that is received through stock. The actual company then holds the rights to the insurance policy and act as the designated beneficiary of the policy. 

With the second type of viatical settlement, a company acts as a broker who then matches interested parties with a life insurance policy available for the sale, rather than directly purchasing the policy itself.

The best-case scenario is that you end up with a large cash payout, which can be a huge asset when facing a battle against cancer.  The next time you hear someone asking "should I sell my life insurance policy", tell them to go for it.