Why a Viatical Settlement is Preferable to a Viatical Loan

If you have a life insurance policy, you may be able to take out a viatical settlement or loan against your policy. There are key differences between both of these options, and you should review the differences carefully to ensure you make the right choice for your situation. Here’s what you need to know.

The Meaning of Viatical

The term “viatical” translates to “provisions for a journey”. The word is used to describe a class of transactions that allow terminally ill patients to cash in their insurance policies early. In some cases, people refer to these products as life settlements.

How Viatical Loans Work

With viatical loans, you take out a non-secure loan against your life insurance policy at a higher than usual interest rate and additional fees. The company gives you a loan based on the value of your policy and your current health conditions. In all cases, the amount of the loan is reduced to account for any future life insurance premiums that still need to be paid, plus anticipated investment returns to the lender.

How Viatical Settlements Work

In contrast, viatical settlements are similar, but they are somewhat simpler, without loan interest or origination fees to track. With a viatical settlement, a company gives you a lump sum of money in exchange for your life insurance policy. With this option, you get all the funds you need upfront and are typically a higher payout than a loan.

If you want to set aside some money for your family or your funeral, you can do that with the lump sum payment. You don’t have to wait for the life insurance policy to cash out or hope that the loan amount exceeds the death benefit value if you “outlive” the viatical loan.

Similarities Between a Viatical Settlement and a Loan

There are also some similarities between these two products. Generally, in most cases, your credit history and credit score are not taken into account. These loans and settlements are based on the value of the life insurance policy as well as some other factors listed above. They aren’t dependent on your credit score like traditional loans. These programs also don’t take into account your employment status or your assets.

If you want to apply for a viatical settlement, contact American Life Fund today. We have a quick and easy application process that only involves two easy forms. Then, we look at your medical records, and if you qualify, we send you out documents to finalize everything.

Sadly, cancer can be extremely expensive, and you may not know how to find financial assistance for cancer patients. If you’ve been diagnosed with cancer, you have to pay medical bills, co-pays, and high deductibles, but in addition to that, cancer patients often lose their paychecks, incur extra child care costs, or face a range of other expenses. This can be stressful and emotionally draining. If you need help, you may want to check out the following tips on finding financial assistance for cancer patients.

Contact Cancer-Focused Organizations

There are a huge range of organizations and groups that offer support to survivors, educational materials to patients, and much more. In many cases, they often have social workers or financial counselors on staff who can help you find national and local resources to help offset the financial burden of having cancer.

Some organizations you may want to investigate include the American Cancer Society, Cancer Care, or Assistance in Healthcare. A quick internet search can help you find more organizations. To get more information on help applying for financial assistance for cancer patients, look at the parts of their websites that focus on “support” or “counseling”.

Talk With Your Oncology Specialists

In many cases, the people who help with your cancer treatments may have ideas on how to find financial assistance for cancer patients. Don’t hesitate to ask your doctors and nurses if they are aware of resources. They may point you in the direction of some truly useful organizations.

Consider Applying for Government Assistance

There are certain government programs that can help as well. If you qualify for Medicaid, this insurance for low-income patients covers necessary medical procedures, and there is generally no co-pay. If your income has fallen due to not being able to work, you may want to apply.

Additionally, you may qualify for food stamps or other types of financial assistance. The Department of Health and Human Services runs most of these programs, and you can apply online or in person through your local social services office.

Do a Fundraiser

Fundraisers can also be helpful, and there are a lot of different options. If you are active in a large group such as a church or a school, they may be able to set up a charity auction for you. People donate products or services to the auction, and the proceeds from the auction go toward helping you.

Many people also ask for financial assistance for cancer patients by doing an online fundraiser. Websites such as GoFundMe, YouCaring, and others let you set a fundraising goal. Then, you post a story about your experiences and share your fundraiser on your social media site.

Think Outside the Box

In addition to thinking about traditional grants and programs, try to think outside the box. For example, the organization American Life Fund helps terminally ill patients. Rather than waiting for your life insurance payment, you can work with this company to get your payment early. That type of financial assistance for cancer patients allows you to use your life insurance right now when you need it the most.

To learn more about options contact American Life Fund. We can help you find financial assistance for cancer patients. When you have the money you need to cover your treatment and expenses, you can focus on getting well.

Your Insurance Policy Has Cash Value Right Now

For many patients, a Viatical Settlement can be one of the greatest sources of financial help.

WHAT TO EXPECT

Viatical settlements are different than other types of financial assistance for cancer patients because they:

• Provide funds quickly, within a matter of weeks.
• Provide large lump-sum payments.
• There are no restrictions on using the money.
• It reduces monthly bills by eliminating insurance payments.

VIATICAL SETTLEMENTS DEFINED

A viatical settlement is an arrangement in which someone with a life-threatening illness sells his or her life insurance policy for cash. Best of all, under federal law, viatical settlements are non-taxable.

WHAT HAPPENS IF MY LIFE INSURANCE POLICY LAPSES?

According to the Life Insurance Settlement Association (LISA), more than 710,000 policies are lapsed or surrendered each year. As a direct result, a staggering seven billion dollars in combined face value is lapsed each year by American seniors over the age of 70.

Once a life insurance plan lapses, the life insurance company is not under any legal obligation to pay the beneficiaries if an insured person passes away. The reinstatement process requires good health with proof of insurability and all missed premiums must be paid to the insurance company.

Essentially, the viatical settlement process allows late-stage cancer patients to explore all options before lapsing the life insurance policy because of unaffordable premiums. Even with a decision to keep the policy, knowing the value of the policy on the open market gives the patient options and financial peace-of-mind.

Here’s How the Viatical Settlement Process Works:

• Contact American Life Fund today at 877-297-4592 to speak with a counselor or complete our easy online form. 
• Complete the simple application. After the initial, three-page application is submitted, American Life Fund will review all medical records and policy information to verify all the details provided by the insured.
• Receive an offer. Once the insured’s case information is verified, an offer for your policy may be provided. If accepted, closing documents will be sent out for your signature. Next, your life insurance carrier will be instructed to make the necessary beneficiary changes to the policy. Once these changes are made, you will receive a lump-sum payment for your policy.

American Life Fund ensures complete confidentiality and follows any privacy policy under federal law during the entire viatical settlement process. Cancer support resources and contact information for advocacy organizations will be offered if you choose to decline the offer. There is no waiting period to re-apply, as we understand families may need more time to discuss all options.

WHY SELL MY POLICY?

• Pay for medical costs or alternative treatment
• Premium payments become unaffordable
• Funds are immediate and tax-free
• No obligation, receive an instant quote and three-page application process
• Replace loss of income

WHO QUALIFIES?

• Individuals with late-stage cancer or a life-threatening disease
• Currently own an existing life insurance policy
• Death benefit of the life insurance policy is at least $100,000 or more

HOW DO I APPLY?

• Call 877-226-9836 or apply online to find out what your policy is worth. There’s no-hassle & zero obligation.
• If you qualify for a viatical settlement, you’ll be sent a simple, three-page form asking for additional information on you and your policy.
• Once we receive your forms and verification, you can receive an offer on your policy.
• If accepted, you can receive your funds in as little as 2 weeks. It’s that simple.

If you need financial help, check out the above organizations that help cancer patients financially. To learn more about cashing in on your life insurance policy early, contact American Life Fund directly. We may be able to help.

Pancreatic Cancer Awareness Month is here! Every November we take time to honor individuals diagnosed with this terrible disease. We also use this time to promote pancreatic cancer prevention as with all cancers, catching cancer early is vital.

What is pancreatic cancer?

Pancreatic cancer is a disease in which the pancreas, a gland behind the stomach and in front of the spine used to regulate blood sugar, is invaded with cancerous cells.

Why is it so deadly?

The reason this disease is so deadly is because symptoms normally don’t appear until after the tumor has progressed and has spread to other parts of the body or metastasized. At this point, only about 10 to 15 percent of individuals who are diagnosed are eligible for surgery to remove the tumor. Even with surgery to remove the pancreas, 85 percent of patients relapse.

How can you prevent pancreatic cancer?

As with most cancers, there are risk factors that can be controlled and ones that can’t. While we can’t control factors such as our race, age, or gender, we can control how we take care of our body. The number one controllable risk factor for pancreatic cancer is tobacco use. In fact, if you smoke, you’re twice as likely to be diagnosed. Additionally, weight loss plays a major role in your chance of getting it. According to the American Cancer Society, those who are considered to be obese are 20% more likely to be diagnosed.

How do I get involved?

If you’d like to be an advocate for pancreatic cancer fighters and survivors, there are many things you can do:

• Wear Purple. Whether it be your coworkers, sports team members, or your neighbors, get a group together and designate a day to wear all purple.
• Give Time or Funds. Support a pancreatic cancer nonprofit organization such as The Pancreatic Cancer Action Network (PanCan) by volunteering or donating to them.
• Write a Letter. The lack of cancer research funding is a huge issue within the cancer community. Write a letter to your elected officials to let them know you would like to see more funding go towards cancer research.

Learn more about the ways we assist cancer patients!

In a study released by the American Society of Clinical Oncology, out of 529 cancer patient visits, doctors only brought up treatment costs a handful of times. In fact, patients were more likely to bring up costs first.

The study was conducted on a group of newly diagnosed cancer patients, who some would argue, need to be educated on treatment costs more than anyone. Out of 529 patient visits, patients brought up cost 106 times while doctors only brought it up in 45 instances.

In the cases where cost was brought up, the discussion only lasted one or two minutes and only a few patients were referred to social services for financial assistance help.

The study cites that the lack of time between appointments with patients and the absence of financial cost education in medical school only attribute to this issue.

Some patients have a ‘treat now, worry later’ attitude when it comes to dealing with treatment costs. Others refuse certain treatments that could extend their life for fear of putting their family further into debt.

Either way, patients are left to deal with the fallout post-treatment when the bills arrive, and they’re scrambling to make the payments.  With treatment costs that can range to over $100,000 a year, many cancer patients aren’t left with many options outside declaring bankruptcy.

There are plenty of nonprofit cancer organizations with financial assistance programs but many lack the money needed to fund these astronomical costs. However, viatical settlement companies are able to provide a solution that other resources are unable to. With an existing life insurance policy, you can pay medical bills and fund future, life-extending treatments. To learn more about our no obligation, cost-free program, see if your policy qualifes.

We all know what a caregiver is. So what is a Co-Survivor? It’s a new term that takes caregiver to a different level. Co-survivors provide care, but also provide practical help like cleaning and cooking, as well as much-needed emotional support. They are usually family members, spouses or partners, friends, colleagues and, yes, even health care providers. If you’re reading this blog, chances are you’ve already become a co-survivor. Someone you love or care for has been diagnosed with a life-threatening illness, and you are now thrown into a new role to help support them as they fight to survive and thrive. It is not an easy task, by any means. And it’s a learning process. But if you’re like most people, you want to do the best you can to help your loved one through this journey. You’ll need knowledge, patience, resources and support of your own to-do so.

1. Provide social and emotional support

Unfortunately, most of the time, life-threatening illnesses are the result of a cancer diagnosis—and everyone reacts to such a diagnosis differently. The patient reacts, and so do the surrounding people: their boss, their children, their friends and neighbors. Sure, it’s important to embrace whatever emotions and feelings you have at that time.  But it’s vital you also consider how the person who has received the diagnosis feels. Can you put yourself in their shoes? Incomprehensible. Imagine how they’re feeling? Unimaginable. However, while you may not be able to fully understand their unique position, one thing’s for sure:  they need your support. By reaching out to someone who is battling a life-threatening illness (or injury!), you’re providing them with much-needed help. It can help reduce their anxiety and depression. Your support can help improve their mood, self-image, coping ability and feelings of “not being in control.” Your support can make all the difference.

2. Reach out

At first, you may not know what to say to your care recipient—and that’s perfectly fine. Your friend or loved one isn’t looking to you for the “perfect” words. If you’re at a loss of words, tell them that. Your honesty will be appreciated, as opposed to being too nervous to reach out or never calling or writing them. A call, email, text or Get Well card are some ways to communicate your support. Remember, “I’m thinking of you” never gets old.

3. Ask

It’s important to ask your loved one what you can do for them.  Maybe it’s just doing a grocery run every week.  Or stopping by for a 30-minute visit.  Maybe it’s organizing a group of friends or colleagues to provide meals on a regular basis. A cancer patient may not have the energy to figure out exactly WHAT assistance they need, so instead of asking a broad question like, “How can I help?” ask “Do you have all of your meals prepared for the day?” Can I take care of the yard work?” What they really want is to get back to “normal,” so think beyond the essentials. Are there any holidays or special events coming up? Offer to decorate their home, so they get a sense of normalcy. Does your survivor have a green thumb, but it seems that their potted flowers are struggling to stay green? Put on your gardening gloves and get to work! Lend a helping hand.

4. Ask again

Every survivor (and co-survivor) needs a network of support. Don’t be afraid to ask your friends, family members, church members and colleagues for help as you care for your patient. Ask for help with regular meals, or providing transportation to doctor’s appointments.  Ask for someone to relieve YOU for several hours, so you can run your errands, go to the store or just go to a movie, take a walk or relax.  You need to take care of yourself, so you can take care of your patient.

5. Be a health care advocate

You’re not a doctor, but you may wish you were in this situation. It may feel like the oncologist is speaking gibberish, and it can be frustrating not understanding everything that they’re trying to convey. Or, maybe you understand the terminology, but are slow to absorb and internalize all the information that’s being given. Take notes, so you can absorb the information at your own pace, or share with other concerned friends and family members.  Cancer diagnosis is complicated and having a second set of ears during doctor visits is extremely helpful.  Invite another family member to come along to take notes.

Care recipients will consume the information at their own pace, so that’s why it’s important to stay abreast of health news and updates. Online research is extremely helpful in understanding an illness as a co-survivor and as a survivor. Reading about other people’s journeys can be helpful, too. Yes, everyone’s story is different, but there will be relatable similarities, as well. You are not alone!

6. Ask questions

Before you attend doctor’s visits with your patient, ask what questions your patient and other family members may have.  Write down any questions you may have about the treatment, side effects and limitations.

7. Ask for financial assistance

When someone is fighting cancer, bills can add up. Sometimes it’s difficult to pay bills on time, or find the funds to pay them at all. If medical costs and living expenses continue to pile up, you may feel like you’re in a hopeless situation. That makes it even more difficult to provide the level of care and understanding needed by your patient.

If you are struggling financially, there are some new ways to access funds for patient care. Patients can now sell life insurance policies and use the funds for a variety of reasons:

• Pay medical costs
• Allow for alternative treatment
• Pay living expenses
• Relieve financial stress
• Eliminate life insurance premium payments that have become unaffordable.

American Life Fund is one of the leading providers of this service, which can help you and your loved one make the most of their remaining days.  You can learn more about this process by calling 877-261-0632 FREE to speak with an American Life Fund counselor.

Yes, Valentine’s Day is just around the corner. It is a day for love, compassion and celebration of those you cherish and appreciate the most in life. As a cancer survivor you may have had some good days and some bad days, but the most important thing to remember is through it all you have love and hope. Do not let cancer get in the way of celebrating this fabulous holiday!

Here are 6 tips to brighten your Valentine’s Day!

1. • Surround yourself with loved ones. Make it a point to call a family member or friend that has supported and loved you throughout your cancer diagnosis. Make plans to go to a movie, dinner or even a nice coffee date to celebrate your journey and love for life!
   • Valentine’s Day cards are not just for kids! Take the time to pick out meaningful Valentines and send them to your loved ones! Let them know how much they mean to you! Include your favorite picture or memories that you have shared!

• Pick out your favorite chocolates, candies or treats and don’t feel bad about indulging a little! It’s only one day out of the year! You deserve it!
• Having to be at the dr.’s office for treatment on Valentine’s Day? No biggie, don’t let it bring you down. Wear your favorite red shirt or sweater, necklace and for the women, paint those nails red! You are a survivor!
• Journal- Take the time to sit down and reflect on the things you truly love most in life. This is such a great way to keep your spirits high and focus on all of the positive you have going on in your life. You will be surprised at how much happiness you have once you put it on paper!
• Love yourself! The most fundamental aspect to health and survivorship requires you loving yourself first. Love can heal all things!

For those battling cancer, the holidays can be a welcome distraction or a miserable season. Don’t let cancer suck your enjoyment out of the season or let precious moments with family and friends pass you by. Here are a few tips to help decrease stress and increase enjoyment:

Make new traditions

As you may already realize, adjusting your lifestyle is a necessity when you’ve been diagnosed with cancer or a terminal illness and the holidays are no exception. You may want to relive holidays past, but that’s the quickest way to overwhelm and disappoint yourself. The golden rules for celebrating while managing cancer is “keep things simple” and “ask for help.” Be sure to scale back your activities and don’t pressure yourself with unrealistic expectations. Have you traditionally hosted a feast and been in charge of entertainment? This year, turn your social gathering into a potluck and have family members bring a dish, or switch up hosting duties and relocate the celebration. Ask for help cleaning up.  It’s time to save your energy and focus on creating new holiday traditions for you and your family.

Holiday shopping and budgeting

Your usual holiday shopping habits need an adjustment, as well. Can’t get to the mall? Try online shopping, catalogs, gift certificates or even ask a friend to grab a few things. If money is tight, remember that homemade cookies, cards or even a simple phone call are always appreciated. Never underestimate the value of a short note or call to let others know you’re thinking of them. If you are in need of serious financial support to cover medical bills, living expenses or even some holiday shopping, you may want to consider a viatical settlement to relieve financial worries during the holidays.

Me time

However, you choose to spend your holidays and whatever new traditions you create, be sure to incorporate some “me time” into your plans. This will help guard against any overwhelming and helpless feelings. Take time to relax and enjoy simple things like hot baths, naps and your favorite foods. Learn to say “no” to some holiday engagements. Traveling to see friends and family is already exhausting when you’re healthy, let alone battling a disease, so avoid any guilt trips.

Remember the true meaning of the holidays and focus on the present moment. Enjoy time with friends and family, be thankful for the time you have with them and grateful for the ability to create new traditions. The holidays can be overwhelming, so just remember to speak up and express your feelings, whatever they may be.

The time period from Thanksgiving to New Year’s Day is stressful for caregivers. Caring for someone who has cancer or is terminally ill has its own unique challenges. Chances are, you’re already serving as chef, personal shopper, travel agent, secretary and nurse. Add in holiday shopping, gift-wrapping and incoming visitors to that list, and you may begin to feel like a circus clown trying to keep all the balls in the air! Here are a few tips for making the holidays manageable, whatever the season may throw your way.

Get organized

Friends, family, co-workers, service providers and community agencies make up your support network. Make a list of these individuals and enlist them as your holiday helpers. Along with creating a support network and delegating tasks, you will want to create a holiday calendar/to-do list. Include all family gatherings and friends’ parties and travel itineraries, as well as a timeline with due dates for buying and shipping cards/gifts and baking holiday goodies. Don’t aim for perfection and set unrealistic expectations. Flexibility is your ally during the holidays, so adjust your outlook and scale back if need be.

Maintain your health

Maintaining your own personal health is crucial, so don’t abandon your healthy habits. You need to take care of yourself first in order to take care of another. That means no skipping medication or doctor’s visits. Take a break from cancer and realize that it’s not necessary to focus on it every minute of every day. Exercising, taking naps, reading, scrap booking, meditating, getting a massage or mani-pedi and taking hot baths go a long way toward providing the physical and emotional energy boost you need to tackle daily duties.

Everything in moderation

Moderation applies to everything this season and may be the more difficult for some than others.

• Have a big holiday gift list that needs checking off? No need to shop ‘til you drop. Do what you can.
• Set a budget and stick to it, so you won’t increase your stress financially.
• Inundated with invitations?  Learn to say “no” and don’t feel guilty about this.  If you and the person you’re caring for become exhausted, it takes all the joy out of the season. Establish a holiday calendar and then stick to it.
• Do you love eggnog, wassail and other specialty holiday drinks? Enjoy, but don’t overindulge yourself. Remember, because alcohol is a depressant and may heighten bad feelings. Nobody needs those holiday blues.

Planning ahead for the holiday season is a task in itself, but it will save you a lot of time and prevent any stressful situations in the future. By gathering your support network, creating a holiday timeline, staying on top of your health and keeping things in moderation, you’ll be able to enjoy the holiday season. Remember what this time is really about—sharing your life with others and enjoying this time of togetherness.

Everyone who’s been diagnosed with a terminal illness reacts differently. Some may want to lash out in anger, while others may feel completely removed and become introverted. In our previous blog, we discussed the importance of providing support in these situations and ways to become an effective co-survivor. While it’s important to provide emotional support, it’s just as important to offer practical support, as well.  This can be as easy as providing a weekly meal, or offering transportation to treatment.  It can also be helpful to offer financial advice.

Medical treatments are overwhelming enough.  But dealing with the financial burdens of medical costs can be even more incapacitating.  The patient may not even have the forethought to even consider future medical expenses and the cost of care, but the reality is that these expenses are inevitable.  If you can help them understand their options and potentially ease financial burdens, you’ve provided a great service.

Many people don’t even know they can sell an existing life insurance policy and use the funds toward medical bills treatments and living expenses.  It’s a relatively new process, and gaining popularity. If you or someone you love is terminally ill then it’s important to understand that there are options when it comes to paying for living expenses and medical care.

Why would you sell a life insurance policy? Because you, the patient, want to battle this disease while not living with day-to-day stress over finances and feeling hopeless. That’s how American Life Fund can help.  We make it possible for you or your loved one to remove financial worries and be able to focus on becoming healthy again, or being as comfortable as possible in your journey.

It’s time to connect with ALF if:

• You’re struggling with the cost of medical bills or alternative treatments
• You need assistance with living expenses or need to replace lost income or wages
• Your insurance premium payments have become unaffordable
• Your Term policy is about to expire
• Your “Key Man” policy is no longer effective
• Your group policy can be “ported” or converted to an individual policy

If you decide to sell your life insurance policy:

• You’ll get relief from financial burdens
• It provides immediate cash when you need it the most
• It provides value to a hidden asset otherwise thought to be non-liquid
• There are no restrictions on how the sale proceeds are spent—your money is your money
• The proceeds are tax-free

If you’d like more information about selling a life insurance policy, contact American Life Fund today. We’ve been able to help thousands of people facing life-threatening illnesses.