Settling A Life Insurance Plan With Beacon Life Insurance Brokers When You Are Sick
When you are a life insurance policy holder and you wind up terminally ill, the last thing you need is to lose your protection. In the top reasons for bankruptcy and financial ruin, you'll discover medical expenses. Relief must come from somewhere for individuals to be able to make it through illness and help their family's financial struggles. It can grow to be impossible to afford basic bills, procedures and life insurance premiums when someone is ill. Don't just watch all the money you put into your policy go to waste. Find out if a viatical settlement broker can help you when you need it most.
Funds For The Terminally Ill Life settlements are a little different. A life settlement is usually only used in very particular scenarios. When someone is over the age of 75 and is still spending money on life insurance that they can't manage or isn't suitable for their needs, they may want a life settlement instead. There is no disease involved in these types of settlements, simply a sale of the policy to a third party who takes over the monthly premiums. Instead of default or settle for the cash surrender value, people will choose to find life insurance settlement broker who can enable them to get more than they would otherwise. A life settlement is a significant financial choice. Always consult with an expert first. Being familiar with all the impacts that this can have on your finances is completely necessary before following through on any settlement options.
A viatical settlement is a way to get more from your life policy than the cash surrender value or accelerated death benefit would enable you to get. Nevertheless, this varies in each situation. There is an actual standard to be defined as chronically ill. If your sickness or disease prevents you from doing two everyday care activities. Being unable to feed, dress, bathe, use the toilet or protect yourself due to a disease qualifies you as chronically ill. When a disease is not curable and will result in death, it is considered terminal. Where life insurance is involved, terminal illness is defined when it is not likely based on medical proof that a person will survive more than two years.
How To Proceed Before Your Policy Lapses When you hire a viatical settlement broker, their job is to act on your account, find you an established settlement company, and facilitate the sale of your life policy to that company. You receive a lump sum that is below the death benefit, and they take control of your premium payments, own the policy and get the death benefit. Of course the sum you receive depends on the amount your policy is worth. It is normally more than the cash value surrender and less than the death benefit amount. Rather than waiting for your family to receive money after death, a third party company provides you with money now, enabling you to pay for essentials, or even to do something on your bucket list. Then they get the death benefit when the insured dies instead of the family members. Clearly, this is not always the best financial alternative, terminally ill or not, and should be reviewed with finance experts first.
Understanding what to do with a life insurance policy you can't manage is tough. The majority of people can not afford the treatments necessary for terminal illness, and especially not over a long time period. Lots of people end up needing money for treatments, to pay bills while they can't work, or simply to provide for memorable times with their loved ones. That is what makes viatical settlements an attractive option. As an alternative to having to wait to obtain a death benefit, and as a substitute for just lapsing on a policy, people have the opportunity to essentially cash in and get a lump sum now. Choosing a viatical settlement is not an easy choice. Something that has a lasting affect on your family and your financial future should be taken seriously, and with as much data as possible.
Take A Moment To Make Your Mind Up Each life policy varies. If you have whole life insurance, you are able to get a lump sum, known as the cash surrender value of the policy. To obtain this, you must terminate the policy of your accord, as opposed to allowing it to lapse. This must be done before the maturation of the policy. More often than not, this amount is a savings portion that you have when you invest in whole life. While a viatical settlement can usually acquire you more, it differs with respect to the particulars of your policy. Sit down with an expert to determine whether cash surrender value or a settlement makes the most sense for you personally. If you are unclear about who to talk with, a viatical settlement broker can refer you to a professional financial advisor who can provide you with more information.
There are experts you can consult with who can counsel you about the benefits and drawbacks associated with viatical settlements. Most people who get a viatical settlement account very positive experiences. However, you need to know that the lump sum you obtain is suitable, and that you have thought through the financial implications of doing so. Employing a viatical settlement broker will help ensure that you have accessibility to the best information, choose a good settlement company, and talk with financial experts before deciding on anything. Once you have your funds, you can use them as you wish, regardless of whether you want to pay for treatments, or visit with your family. Check out the provisions of your policy before you decide to sell.
Money For The Quest The phrase viatical is extracted from the Latin word "viaticum." This means "provisions for a journey." For those people who are terminally ill, that sort of financial help is just what is necessary. The last thing that people need on top of health issues is financial stress. Unfortunately, many families end up without any money while battling a challenging or incurable illness. Selling your life policy when you can't afford it can give you the helping hand you need to live your life to the fullest. There is hope for those looking for financial options while they are sick.
Viatical life settlements started in the 1980s, and still help people right now. There are additional ways to get your life insurance money, such as by means of cash value surrender, death, or the maturation date of your policy. However, a viatical settlement might be able to provide you with more money. For the terminally ill who are not able to manage premium payments or without a beneficiary to inherit a death benefit, viatical settlements can be invaluable. As opposed to losing a good investment or accepting a small lump sum, viatical settlements relieve the insured of payment obligation while offering funds they can obtain now. Typically, these are tax free, but always consult a financial advisor before presuming anything.
Make sure that you find a reputable brokerage to manage your life insurance settlement. Additionally, you will need to present information regarding your medical records, healthcare providers, and select a settlement company to utilize. There is massive benefit in getting a broker rather than going straight to a settlement company. That's why so many choose to work with Beacon Life Insurance brokers. They only work with settlement companies that are institutionally financed, licensed settlement providers with a proven track record . The paperwork is the most difficult part. After all the hard work of discovering the right company is completed and your settlement is approved, you can obtain your money within days. When you need money, a viatical settlement can be an extraordinary option that provides you funds when you require it most.
Does the insurance industry appeal to you or a friend? If that's the case you might want to check out some similar guidance about what is a viatical here.
