The last thing one would think a terminally ill person would consider is to get involved with viatical settlement contracts. Life insurance, after all, pays when someone dies. If one is dying, why would he pass up the death benefit by selling his contract for a lesser amount? Viatical settlement contracts always pay less than the death benefit.
Viatical settlement contracts offer a terminally ill person funds that he might need today, funds to pay medical expenses and for around the clock nursing care.
If there is another way to acquire the funds, my personal recommendation would be to wait, have the beneficiary collect the death benefit and repay the bank or individual from whom the insured borrowed the money.
People who are terminally ill, however, can’t always make the necessary loan and get money as quickly as it is needed. When that is the case a viatical settlement could be the best solution to the problem.
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