Is A Viatical Settlement Right For My Situation?
It should be understood that a viatical settlement is a very serious financial transaction that will greatly affect a person’s financial legacy. The viatical settlement option should only be used in extreme circumstances where a large amount of cash is needed quickly. A better option would be to have a life insurance policy that includes an accelerated benefits (also known as “life benefits”) option where the proceeds of a life insurance policy is paid to a terminally ill individual before that individual dies. The accelerated benefits feature is sometimes included when a new policy is sold to an individual, but not always. However, an accelerated benefits option can be attached to an existing policy in the form of a rider if the original policy does not include this option. Other alternatives to a viatical settlement include borrowing against the life insurance policy or borrowing from the beneficiary of a life insurance policy (a reasonable exchange since the beneficiary will be rece
