A terminal illness is an illness expected to lead to a person’s death within two years. When a person’s diagnosed with a terminal illness, they may face financial challenges. Many terminally ill people are unable to work or require expensive medical treatments to manage their condition.
If you’re terminally ill, there are options you can consider to address your financial issues. Use these tips to access funds, reduce your expenses, and manage your funds while pursuing a viatical settlement.
Sell your life insurance policy.
Google “what is viatical settlement” to find a viatical settlement company. Viatical settlement companies work with individuals who need to sell their life insurance policies due to terminal or chronic illnesses. First, the company will ensure you qualify for a viatical settlement. Next, the company will locate a buyer for your policy. Although you could trade your policy in for its cash value, a viatical settlement will pay more than the policy’s cash value. Viatical settlements provide you with tax-free money you can spend as you see fit. Once you’ve agreed to the sale price, you will receive a single cash payment. The buyer assumes responsibility for any outstanding premiums owed, which helps reduce your monthly expenses.
Once you sell your policy, the buyer will also become the policy’s beneficiary. The amount of money you’ll receive will be less than the policy’s death benefit, but you will have the funds to use in any way you choose before you pass away.
Take steps to manage your property.
You can manage costs by preserving your possessions, so you do not have to pay to replace them. Choose from an assortment of Bible covers made from suede, lux leather, or fabric. You can also opt to store your Bible in a wooden box. You may find you’re seeking comfort from the scriptures regularly as you cope with your illness, and a cover can provide crucial protection that will save you the cost of replacing your Bible.
You can also reduce your expenses by having routine home maintenance performed. If you’re unable to care for your home, you may also opt to sell the property and move into a more suitable house. Downsizing can be an effective way to reduce your expenses and give you access to funds.
Prepare a personal expense budget.
Prepare a budget outlining your regular expenses. It should include mortgage payments and other monthly costs, such as your phone bill and electricity costs.
Draft an indulgence budget. Once you receive your viatical settlement, you may want to invest in some activities for your enjoyment. Google “where to go on vacation with your dog” to identify ideal vacation destinations you can visit with your pup. Research the cost of taking a hot air balloon ride. You can prioritize how you will spend your settlement money once you have a clear idea of how much money you need to cover both necessary and optional expenses you plan to accrue.
Apply for financial assistance.
Prepare a budget that outlines your medical expenses and examine your options for covering these costs. Several organizations provide financial assistance for individuals with terminal or chronic illnesses. For example, people with cancer can receive financial assistance from CancerCare and The American Cancer Society. CancerCare helps people cover expenses such as child care and copays for medical treatment. The U.S. Department of Health and Human Services also provides financial aid for individuals with financial needs stemming from severe illnesses.
Access benefits to reduce your expenses.
You may qualify to receive disability payments and other benefits, such as food stamps. These benefits can help you cover your daily living expenses while you’re negotiating your viatical settlement. Charitable organizations also provide affordable accommodations for people who need to travel to receive medical care, free transportation to medical appointments, and access to affordable medications. Accessing the support offered by the government and charitable organizations can help you cover your regular bills.
Manage your money effectively by preparing a budget and determining what financial resources you can use to cover your expenses while negotiating a viatical settlement. You may be able to reduce your daily living costs, access funds by selling property, and reduce your expenses by applying for benefits. Taking these steps can help you manage your finances until you receive funds from your viatical settlement.
