Life insurance policies are an all-important safety net to have so that, in the event of an untimely passing, your loved ones are able to cover all expenses. However, some people may opt for a settlement that can provide them with extra funds before their insurance plan is up.
Life settlements and viatical settlements are among these payout options that can help provide some protection for your family. However, they are only available as options in certain circumstances. Let’s take a closer look at what these settlements entail, as well as some other cost-saving options that may be available to you.
Keeping Health a Priority
While viatical settlements and life settlements can be used to pay for treatments and prescription medications that may help patients deal with health conditions, they aren’t the only way to pay for chronic pain medicine. CheapoMeds provides access to thousands of prescription drugs and products that are from fully licensed international pharmacy markets. By working with only CIPA certified and licensed pharmacies, CheapoMeds’ products are tightly regulated and licensed for sale by the federal government.
While certain medications may be cut down in costs through prescription drug coverage, others are not available through such insurance plans, and CheapoMeds provides a safe outlet through trusted customer service to get these medications through their database.
Those finances can also be put towards marijuana for medicinal purposes. The use of medical marijuana has been linked to reducing pain in patients with chronic health conditions, such as chronic pain or seizures. However, this is not covered by Medicare, as marijuana is not yet legal at the federal level. Some people have found that CBD products have provided the same pain reduction, but does Medicare cover CBD oil? It actually falls under the same issue of legality as medical marijuana. However, CBD oil and other products have been made available through pharmacies and other online outlets to test for some potential medical benefits long-term.
What is a life settlement?
A life settlement is a sale of an existing life insurance policy to a third party for a lump-sum payment, that is usually more than the surrender value of the policy, but less than the actual death benefit. The third-party purchaser becomes the beneficiary and assumes payment of its premiums to the insurance company. By doing so, that new policyholder receives the death benefit upon the original policyholder’s passing.
Through the recruitment of a broker or life insurance settlement company, your policy is legal to sell at any time for a primarily tax-free cash payment. Older people often opt to sell this insurance plan to cover the cost of medical treatment or help to pay down outstanding debts. It is often also viewed as a supplement to retirement income, or to handle emergencies of any nature.
Within the United States, some life insurance policyholders see it as almost like some refund on an insurance plan when they are no longer able to afford the premiums. Instead of letting the policy lapse or cancel, an insured party can sell the policy for a life settlement.
What is a viatical settlement?
A viatical settlement refers to the financial transaction of a life insurance policy from a policyholder to a third party, such as a viatical settlement provider. Licensed brokers facilitate such transactions and negotiate contracts, similar to that of a life settlement. However, viatical settlements are only allowed to take place if a policyholder is suffering from terminal medical conditions.
Viatical settlements are designed to allow terminally ill patients some financial peace of mind, putting funding towards medical bills and other outstanding debts that may not be claimed under Medicare coverage or any other health insurance plan. Viatical settlements can be put towards other potential medical treatments to help patients in late-term, as well as home care. Some people have used their viatical finances towards vacations or paying off tuition for family members.
If you’re facing major costs for medicines to treat chronic conditions, you don’t have to suffer the financial burden any longer. There are options out there to help you cover costs and feel better at the same time.