When dealing with end of life financial planning, it can be difficult to know what investments are best for you. Many people struggle to understand whether a viatical settlement or life settlement would work for them and their beneficiaries. These decisions depend on your unique situation and your needs.
People who become terminally ill have a lot on their plate regardless of finances, so too often questions about money can take a backseat. For them, it may be valuable to seek help from the American Life Fund, which specializes in viaticals and working with individuals who have been diagnosed with late-stage cancer or a life-threatening illness. American Life Fund stands out among life insurers by helping you become the beneficiary of your own policy.
They also offer a life insurance policy known as a viatical, which is a settlement that gives a lump-sum payout, a cash value that could be of great importance to a terminally ill person anywhere in the United States. This works by allowing insured policyholders to sell their insurance policies to viatical settlement provides. This lump-sum is of course less than the face value or “death benefit” but is more than the cash surrender value.
The buyer then cashes in the full amount of this kind of life insurance policy when the original owner dies.
The question for most people is whether policies with viaticals are good investments for them. If you are confused about the type of investment that is right for you, research what the financial experts say. Investment managers like Mark Wiseman understand investments and how they must reflect people’s needs. Spend some time reading and listening to investment experts and financial planners with an online presence to understand their take on the life settlement industry. However, viatical settlements certainly offer compelling benefits to everyone. Read on to consider the following reasons why viaticals are a good investment.
Providing Financial Relief
A viatical settlement can mean providing the cash to live as well as possible for as long as possible.
A viatical life settlement provider can improve quality of life if you’re living with a terminal illness. It can also help with the costs of experimental treatments or a new drug. Or, the lump sum can simply finance the activities of daily living, which can add up if you are terminally ill and therefore not working.
Checking off the Bucket List
All of us have dreams or “bucket lists” of things we have wanted to see or accomplish before we go. But, life usually gets in the way of those plans. Perhaps your finances were never quite right to justify the expense of big travel plans, or you have been too busy with work and family for years. If you’re considering a viatical settlement, this money could be used to pay for the expensive trip you’ve always dreamed of.
Always wanted to go to Hawaii with a family member or visit the Grand Canyon? Want to take that trip to Paris you promised your spouse many years ago? With the cash from what is also known as an accelerated death benefit, you can do just that. The cash payment from a settlement poses no restrictions, so you can spend it as you please.
That means premium payments are no longer your responsibility. What is your responsibility, however, (depending on any health limitations) is to enjoy the rest of your life as best as you can.
Gifting
Perhaps you’ve done enough traveling and you don’t have too many expenses at this part of your life. A viatical settlement could allow you to gift the payment to a third party.
Does a grandchild need help with university tuition? You could put the money from your settlement into a trust, which is a gift that will keep on giving long after you are gone. You could also help finance a wedding, or you could make a donation to one of your favorite charities. Some people donate to their alma mater to provide scholarships for high school students in their name. Giving back to your loved ones and your community through planned giving is a great way to use the cash value of a viatical.
As Charles Dickens said: “No one is useless in the world who lightens the burdens of another.”
A viatical settlement can provide you welcomed end-of-life choices. With the cash value of the settlement, you have the freedom to attend to immediate needs, fulfill some lifetime dreams, and leave something behind for friends and family. With a viatical, you have the potential to lighten more than a few burdens.