Cashing in Life Insurance to Pay for Medical Bills

If you find yourself diagnosed with a terminal illness, it can be incredibly difficult to keep everything together and on track. While you may be battling something that is physically strenuous, you also have to keep up with everyday tasks and errands. And you may find that your medical bills are stacking up along with your rent or mortgage, utility bills, and paying for everyday necessities. If you’re sick enough that you cannot work, this can make it all the more difficult to continue to live your life. If you’re strapped for cash and dealing with illness, read on for some tips to cope.

Research your options

If you have taken all the medical tests needed and have been diagnosed with cancer or another terminal illness, you should always get all the facts and information you need. You may want to think about getting a second opinion on your medical condition before moving forward with any treatment plans or other arrangements. Consider getting an MRI such as one of the Ezra MRI scans so that you can get a detailed rundown of everything you need to know about your condition.

If you have collected all the information you can about your medical situation and discover that you do indeed have a terminal illness, you now need to evaluate your options. If you’re in dire financial straits and need money to pay for your expenses as well as any unforeseen medical costs, such as hospital visits or ambulance rides, you might want to look into viatical settlements. A viatical settlement is a financial agreement wherein a policyholder can sell a life insurance policy for a quick cash payout if they no longer need the life insurance policy or want to liquidate it. The typical requirements for selling a life insurance policy are that you are either older than 76 years old, or have a terminal illness, and that your policy is worth at least $100,000.

A life settlement company will help guide you through the process of selling your life insurance policy. By visiting you can find out more about whether your life insurance policy qualifies and whether selling is right for you. The team at Sell My Life Insurance Policy believes in having as many options as possible when it comes to the important decision of selling your life insurance policy. If you cannot afford to pay the premiums on your life insurance policy each month, it’s a fairly good sign that selling your policy could be the right path for you.

Use a cash payout to offset your bills

When you sell your life insurance policy, you can expect to make more than the value you would get by surrendering your policy but less than the death benefit your beneficiary would have received at the time of your death. By having this quick lump sum payout, you can find some financial peace knowing that you will not have to stress about smaller expenses while you fight an illness or make other arrangements for the end of your life. You could even possibly spend money on medical treatments that could extend your life. After all, the value of your time spent with friends and loved ones is higher than the value of most things.

It’s understandable to be worried about where your money will come from when you’re facing a terminal illness. Still, it’s important to have a strategy that you feel comfortable implementing so that you can live out the rest of your life at peace. Selling your life insurance policy can help you find financial stability in the times it matters most.