Life settlements, often called viatical settlements, can create immediate cash if you are living with a life-limiting Illnesses. A viatical settlement offers a unique opportunity to receive much-needed money for medical expenses, alternative treatments, travel, daily living expenses, the fulfillment of life-long wishes or dreams, and so on. You can sell your life insurance policy to fund all of these things and more.
A viatical settlement is the process whereby a person with a life-limiting illness can turn an existing life insurance policy into cash through the transfer of ownership and beneficial rights of the policy. The seller receives a lump sum payment, which is a percentage of the total face value of the policy. Through a viatical or life settlement, the seller is able to access a dormant asset (their own life insurance policy) and turn it into cash at the time that they need it the most.
This transaction has been in existence since the very beginning of the life insurance industry. It was a little-known transaction that usually took place among family members to help a relative who needed money because of a life-limiting Illness. During the mid-1980's and 1990's, the AIDS epidemic expanded the viatical industry and was a godsend to AIDS sufferers who had nowhere to turn for financial assistance.
In recent years, the viatical industry has expanded to all life-limiting illnesses. People suffering from cancer, ALS, or other life-limiting illnesses are able to sell their life insurance policies, relieve financial stress, and continue their lives with financial dignity.
Asset Funding Corp. is committed to providing efficient and professional service while maintaining a compassionate and sincere concern for your particular needs and circumstances. We understand that a viatical settlement is an important financial decision, and AFC works with you and your financial, legal, and insurance advisors to help you meet your present financial needs.
Lee Berman Talks Viatical Settlements with Julie Moran on The Balancing Act® on Lifetime Television®
Lee Berman made a guest appearance on The Balancing Act® airing on Lifetime Television® where he sat down with show host Julie Moran to go over some information about viatical settlements. Mr. Berman is the Vice President of Policy Services at Asset Funding Corporation and he answered some questions about viatical settlements.
Click here to read the full article from Lifetime Television on our blog.