Settling A Life Policy With Beacon Life Insurance Brokers When You Are Ill
Rather than simply letting your insurance policy go when you need it the most, you can work to see if a viatical settlement broker has the capacity to help you get the finances you need at such a crucial time.
Getting terminally or chronically ill has a number of devastating financial impacts, but one of the worst is losing life insurance and money when you really need it most. When people become ill, there are huge costs involved. On top of that people often lose earnings, and require assistance from family members who may lose income as well. A terminal illness may last for years. In that time, working may not be possible, and a slow steady path to financial devastation, debt, and the loss of a life insurance policy can happen. You and your family may be able to get assistance from a viatical settlement broker who can help you get financial help in a critical time. Knowing that you have options if you can’t afford your premium payments because of illness is the start to getting the most out of your policy.
Getting Out Of Financial Ruin When You’re Critically Ill A viatical settlement broker essentially works as the intermediary between you and a settlement company. You sell your policy to a settlement company, who then will pay you a lump sum and takes over premium payments, policy ownership and is identified as as the beneficiary. The lump sum payment amounts to more than you would acquire for the cash surrender value, but is below the full death benefit your family would get. The third party company receives the full death benefit when the insured dies, but provides the terminally ill a chance to utilize part of the money right now. Obviously, this is not always the greatest financial alternative, critically ill or not, and must be reviewed with financial experts first.
Knowing what to do with a life insurance policy you can’t afford is difficult. For the terminally ill, financial needs escalate. Lots of people find themselves needing money for treatments, to pay bills while they can’t work, or simply to provide for memorable times with their family. That is what makes viatical settlements an attractive alternative. Instead of having to wait to get a death benefit, and as an alternative to just lapsing on a policy, individuals have the opportunity to essentially cash in and receive a lump sum now. Deciding on a viatical settlement is not an effortless decision. Something that has a lasting affect on your family and your monetary future must be taken seriously, and with as much data as possible. As with most insurance challenges, there are a wide variety of intricacies involved with insurance settlements such as this.
Serious Illness, Incurable Illness, And Selling Your Insurance Policy Viatical settlement brokers help those who are terminally or chronically ill to receive a lump sum through the sale of their life insurance policy. Chronic illness is defined when a sickness or condition stops someone from executing two of the following day to day activities. Feeding yourself, bathing on your own, using the toilet, or having the ability to protect yourself unsupervised are all an integral part of independent daily care. Being incapable of performing these because of disease qualifies you as being chronically ill. A terminal illness is qualified as such when there is good cause to think that a person will not live a lot more than two years with their disease.
At times, people reach 75 and are still investing in an old policy that isn’t advantageous to them anymore, offers inappropriate protection, or is no longer affordable. There is no illness associated with these kinds of settlements, simply a sale of the policy to a third party who gets control of the monthly premiums. Instead of default or settle for the cash surrender value, people will opt to find life insurance settlement broker who can help them get more than they would normally. A financial advisor ought to always be involved with this kind of decision.
Determine Whether It’s Good For You Each and every life policy differs. Individuals with whole or permanent life insurance policies can get a cash surrender value from their policy. This is done by terminating the policy under your own accord, and prior to the maturity of the policy is reached. Whole life policies have a percentage of premium that gets saved, which is what you obtain when you surrender the policy early. Only an expert will be able to tell you whether the value of your cash surrender or a viatical settlement will work better for you economically.
There are experts you can speak with who can counsel you about the benefits and drawbacks associated with viatical settlements. Although many benefit tremendously from viatical settlements, it’s important to know that you are getting a fair lump sum, and to think about all the financial implications of such a decision. Viatical settlement brokers will help provide professional support, as can financial advisors, and tell you the most effective options for you and your family members. Viatical settlements are yours to do with as you like. Pay for bills, replace income, get more treatments, or even check off some things from your bucket list if you would like. Look into the provisions of your policy before you decide to sell.
The Origination Of Viatical Settlements Viatical life settlements began in the 1980s, and continue to help people right now. With the assistance of a viatical settlement broker, you’ll have a big lump sum in a small amount of time that would not be obtainable in any other case until death, your policy maturation date, or through cash value surrender. For the terminally ill who are struggling to pay for premium payments or without a beneficiary to acquire a death benefit, viatical settlements can be very helpful. When you are critically ill, a viatical settlement can make all the difference in your quality of life. In addition, it helps avoid simply losing a policy when you can’t pay or taking a small amount for all the years you’ve invested in a policy. Generally, these are tax free, but always seek advice from a financial advisor before assuming anything. Not everyone qualifies for a viatical settlement, so it’s important to talk with a professional brokerage, such as Beacon Life Insurance brokers who can further counsel you.
The term viatical is obtained from the Latin word "viaticum." This translates to "provisions for a journey." For those who are terminally ill, that kind of financial help is just what is required. Trying to make life work practically while battling a terminal illness is incredibly difficult. No family should have to suffer financial pressure while going through a terminal illness. More often than not, illness creates extremely challenging financial situations. 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 optimism those looking for financial alternatives while they are sick.
Prior to making the call, learn all you can about viatical settlement options. Make sure that you find a reputable brokerage to deal with your life insurance settlement. In addition to your brokerage, you ought to guarantee the settlement company is reliable as well. You will be giving medical records, health care providers, and eventually, counting on receiving a lump sum of money for your life policy. That’s why countless people choose to work with Beacon Life Insurance brokers. They solely work with settlement companies that are institutionally funded, licensed settlement providers with a good track record . After all the documents are done and you choose a company to sell your policy to, you can have money within days.