What is a Viatical Settlement?

If you own a life insurance policy, you have probably heard the term "viatical settlement" thrown around. Most people who take out life insurance will never need one, but for those few who do, it can be a tremendous benefit during one of the hardest times. So what is a viatical settlement and who might need one?

To understand viatical settlements, it's important to know how life insurance works. Normally, a life insurance policy is meant to help your relatives—frequently your spouse, partner and children. It is one of the only types of insurance that does not benefit the person taking out the policy, but rather those around them. With a life insurance policy, the policy is paid out upon your death, with the money often helping relatives pay for final expenses and compensate for the loss of your income. In most cases, this is when the money is needed most.

However, sometimes money is needed more in the years leading up to death than it is when the family is grieving. For example, imagine if you were diagnosed with an illness certain to take your life—perhaps a severe form of cancer. This news would not only be tragic, it would also herald a period of intense treatment options that are almost certainly going to exceed what is covered by your health insurance. That means that in the months or years after receiving such a diagnosis, possibly the final years of your life, you will need a lump sum of money more than ever.

It's during this extremely difficult time—when medical bills today outweigh final costs tomorrow—that many people choose a viatical settlement. With a viatical settlement, you essentially sell your life insurance to an outside party. This does not cancel the policy, but it does make two important changes:

• The buyer takes over the premium payments. You never pay another cent on the policy.
• The buy becomes the beneficiary.

In exchange, the buyer pays you cash up front, so that you have the money you need to pay for medical bills and to maintain a comfortable life during difficult years. 

Viatical settlements have existed for many years and are closely regulated by insurance laws. In most cases, only someone with a life-threatening illness can qualify for a viatical settlement. In those cases, it is a big decision, but often allows a person to dramatically improve life for themselves and their family. At Asset Funding Corporation, we want to help people live comfortably and manage their expenses. Don't wait to inquire about a viatical settlement! 

Holistic Cancer Treatments to Use in Addition to the Traditional Ones

If you or anyone you know is struggling with breast cancer, you are well aware of the financial and emotional toll this terrible disease can take. Not only does cancer infiltrate your body, it infiltrates all aspects of your life. Medicines and treatments to fight breast cancer are extremely expensive. 

For cancer patients, financial help can come from several places, including selling your life insurance policy. By doing so, you can use the money in any way you choose, and some patients decide to supplement their traditional cancer treatments with other methods. With additional money at your disposal, you can use the holistic options listed below to help you deal with the symptoms of cancer treatments:

• Acupuncture - This method is shown to help relieve fatigue and decrease pain caused by radiation or chemotherapy. Most women find that it helps reduce vomiting and nausea. Acupuncture is an ancient Chinese medicinal practice in which thin, sterile needles are inserted in your skin. It is believed that these needles stimulate the nervous system and release natural painkillers.

• Dietary Supplements - There is several kinds of vitamins, minerals and herbs that are helpful for people undergoing cancer treatments. Studies have shown that taking supplements can decrease the deleterious side effects of chemotherapy, as well as help with patients' overall physical and mental state during treatments. Some of the supplements that people commonly take for this purpose are curcumin, vitamin D and maitake mushrooms. Curcumin aids in treating inflammation of the body caused from radiation. Vitamin D has proven to reduce the dividing of cancerous cells. Maitake mushrooms have been found to boost the immune system of cancer patients.

• Massage - There are not many things more relaxing and soothing than a massage. Cancer patients often have muscle and joint pain that is caused by their treatments. Massage therapy can help relieve any tenderness or discomfort. Patients who get massaged regularly have also found they did not have to rely on pain medicine as much. Some studies also show that massages help the immune system.

Selling life insurance policies is one of the best ways for cancer patients to get financial help. Using the funds you receive can allow you to explore alternative, supplemental methods for fighting breast cancer. Cancer is a long, hard battle, but having extra money can help you explore every treatment avenue and increase your quality of life. 

Living with Cancer: Beyond the Diagnosis

A cancer diagnosis can be bad news, but nowadays, it's not necessarily a death sentence. With modern medicine constantly advancing, cancer survival rates continue to improve. That being said, there are certain truths that emerge from a cancer diagnosis, from the physical to the financial.

The Treatments can take their Toll

It's almost a cliché at this point, but they say that the treatment of cancer can almost be as bad as the cancer itself. That's because certain treatments can be painful and traumatic in their own right. Nausea, diarrhea, constipation, sores, pain, and fatigue are all possible side effects to chemotherapy, for instance. These side effects can be intense and can actually scare off some patients. Though this treatment is a mountain to climb, chemotherapy still remains one of the most effective methods of treating a wide variety of cancers.  

The Procedures can be Expensive

Cancer treatments are pretty advanced and, if surgery is required, can be pretty invasive. On top of this, they may span months or even years, while the patient continues to rack up debt. Before long, surviving the bills is almost as difficult as surviving the diagnosis and treatment. 

Affording care is not a hopeless endeavor, however. Financial help for cancer patients is available in several forms. Charity and non-profit organizations are there to help certain causes. If that's not an option, there are opportunities for people with life-threatening illnesses to sell off their life insurance policies for lump sums. 

Remission is Not Necessarily the End

While "remission" is a word that every cancer patient hopes to hear (and sooner rather than later), it doesn't necessarily mean that they're completely out of the woods. Remission simply means that the cancer symptoms have ceased. Doctors are usually hesitant to label cancer "cured," as it's nearly impossible to predict whether the disease will return. But with each passing year that a person stays in remission, there is hope -- as it continues, the chance of relapse decreases. The key to cancer survival after a remission diagnosis is regular checkups to monitor progress. 

A cancer diagnosis is the first step in a long journey. For those about to embark on it, it's best to familiarize themselves with what lies ahead so that they are prepared mentally, physically, and financially. 

How to Sell a Life Insurance Policy

At some point in time or another, many people are approached about purchasing life insurance policies. Most opt to get them because they want to make sure that their families remain financially stable after their death. However, if life hits you with a life-threatening illness, selling your insurance policy may be all that stands between you and crippling debt or worse.

After all, when you face an illness, there are many factors to consider. Ask yourself the following questions:

• Will you need extensive treatment to combat the disease? 
• Will you require any expensive medications? 
• Will you need a wheelchair, a handicap-friendly vehicle or any other equipment?

• How much will your insurance pay for? 
• Will you be able to work with the illness?
• If not, will this affect your ability to handle normal expenses (e.g. groceries, car payments, mortgage payments, etc.)?

If the answers to these questions have you in a panic, you should consider the possibility of selling your insurance policy. Here are a few of the steps that you will need to take in order to do so.

Have the policy appraised.  This will tell you the value of the policy and what it will sell for. While some people will claim that you aren't getting your money's worth by selling ahead of time, the reality is that you are surrendering the policy for a much higher rate than the cash value that you would receive from the insurance company. If you have an illness that entails a lot of expenses, chances are you would run out of money and let the policy lapse anyway. At least this way you get a significant amount of money for it.

Locate a buyer.  Once you know the value of the policy, it’s time to find a buyer. This is the person (or company) that will take over the monthly premiums of the policy and become the benefactor when you, the original owner, pass. It is important to note that when you sell your policy you are not cancelling it -- you are simply switching who owns the policy and who will be responsible for maintaining the payments. 

Talk to someone.  Since selling a life insurance policy is a huge financial decision, it is important for you to talk to a financial advisor or other expert about it. An expert will help you determine whether this is the right course of action for you, so that you can confidently say, “I am going to sell my life insurance policy.” Also, it is important to talk to your family about the decision and so that they understand why you are selling your policy and what it means for them. Your family will undoubtedly be supportive of any decision that helps you get treatment and live a comfortable life. 

Strapped for Cash for Your Treatments? Get Help

If you have a life-threatening illness, the last few years can't have been easy for you. Even though the media is claiming that the economy is slowly bouncing back from the recession, many people aren't out of the woods yet -- and if you are suffering from a serious illness, you're probably one of them. If you've finally reached that place where you're not sure how you will pay for your next treatment or mortgage bill, don't despair! Here are a few ways that you can get the funding you need.

• Viatical Settlement – People with an active life insurance policy may have the option of selling it for cash so they can fund everything from their cancer treatments to their trips to the grocery store. The way that this settlement works is that the holder sells their policy to a third party in exchange for cash. The third party then becomes the new owner of the policy and takes over paying the monthly premiums. The great thing about this option is that people are able to get the much-needed cash in their hands quickly.

• Sell the Home – If a person owns a home, it may be time to find out how much equity they have in it. If they’ve been in the home for a decent amount of time, selling it at a fair price will probably bring a large amount of money their way. Real estate experts say that the homes that sell the quickest are the ones that are priced to move. Once the home is sold, it’s smart to move in with friends or family until everything is settled.

• Garage Sale – Yard sales are an effective way of earning money quick. Once people realize the severity of their financial situations, they are more willing to part with their personal possessions. They can also ask family members and friends if they have any items to donate to the sale so that it generates more of a profit. If enough people were willing to donate, the sale could be turned into a neighborhood-wide event. 

When people have life-threatening illnesses, they have to be willing to think outside of the box to make ends meet. Selling one's home, having a garage sale or opting for a viatical settlement are just some of the ways that people can ensure that they have the funds they need for care and day-to-day expenses. 

How to Get Extra Cash for Cancer Treatments

The cost of cancer treatments can put a huge burden on a patient and their family. Some people think that as long as they have health insurance coverage, that they won’t have any additional out-of-pocket costs. Unfortunately, this is often not the case and there are additional hidden costs that must be paid by the patient. Further, many patients undergoing treatment are unable to work and lose their income. Below are a few ways to obtain financial help with treatments, daily living expenses, and any else that is necessary.

• Viatical Settlement – Cancer patients may have the option of selling their life insurance policies for cash so that they can have money for anything that they need while working to treat the disease. This type of settlement was used a great deal during the height of the AIDS epidemic in the late 1980s and early 1990s. Through viatical settlements, people with AIDs were able to get money for their care when they had nowhere else to turn. In this type of settlement, the patient sells their policy to a third party for cash. The third party then becomes the new owner of the policy and takes over making the monthly payments.  

• Fundraise – The family and friends of the patient can hold a fundraiser to help pay for the overwhelming medical costs and living expenses. There are a variety of standard fundraisers that have proven successful, but it’s always best to personalize the event. If the cancer patient belonged to a bowling league or golf club, put together an event at that establishment. Bowl-a-thons and golf outings are great fundraising opportunities that would likely attract many donors. Remember to always plan an event that will be meaningful for the patient.

• Temporary Assistance for Needy Families (TANF) – This program is designed to aid families that require extra support, services, and money to achieve self-sufficiency. This organization may be able to provide temporary assistance for cancer patients for things like groceries and other household essentials. People diagnosed with cancer that are having a hard time keeping up with bills are encouraged to reach out to this organization.

There are several ways to get financial help for cancer patients. Whether through a viatical settlement or a bake sale, the money will help the patient afford both their care and normal expenses.