Navigating a Viatical Settlement With Grace

Navigating a Viatical Settlement With Grace
January 4, 2021

Coping with a terminal illness is a time of great physical toll for someone who is leaving this earth and on their families, who brace for the future without them. Of course, no one leaving this plain wants to exit without assuring that their loved ones are accounted for. That’s why many people take out life insurance policies to ensure a safety net exists upon the death benefit to take care of their family members.

However, some people opt for viatical settlements to assure that they can see the cash benefits before their passing and use it to provide financially for their families and enjoy it with them.

What is a viatical settlement?


Viatical settlements, or viaticals, are an arrangement where terminally ill people will sell off their life insurance policy to a third party for less than its mature value so that they may benefit from the proceeds while they are still alive. In viaticals, the insured ill patient has a life expectancy of two years or less, with the return rate on that settlement dependent on when the insured passes away. The payout is less than the face value, the death benefit, but more than the cash surrender value.

The cash surrender value is the money sum paid by an insurance company to a policy owner if they voluntarily end their policy prematurely or before an insured event happens.

The insurance policy is sold to an investor who pays all future premiums eft by the life insurance policyholder, becoming beneficiary when the insured with a chronic illness passes through viatical settlement brokers. Viaticals is designed for the sake of financial peace of mind, with the sale of that policy’s death benefit creating an improved situation for people facing financial hardships. Beyond medical care costs and insurance premiums, viatical settlements can also be used for just about anything, including a vacation with loved ones or set it aside for, say, a child’s college tuition.

End of Life Care


Viatical settlements can cover just about anything for a terminally ill patient, and that includes palliative care. Those financial resources can be used to provide in-home care that puts those departing this earth in a comfortable position with appropriate medical care in an environment that limits their physical pain.

Mattresses designed with an adjustable bed foundation are most in line with that of a hospital bed, able to be positioned for elevation at both the head of the bed and the foot when necessary. This also reduces certain medical conditions and side effects of medication like sleep apnea or acid reflux. Adjustable beds also provide lumbar support to combat lower back pain and other arthritic conditions.

Accessories are designed for adjustable bases and mattresses to allow easy access for these patients to sit up for meals or elevate to have a conversation with family or medical professionals.

Beyond the Physical Aspect


Beyond the physical and financial aspects of end-of-life care, a dying person will also need a helping hand to manage mental and emotional distress. Encouraging conversations about feelings might help, with insurance policies able to cover counseling for those better associated with end-of-life issues like depression and anxiety.

Chronically ill people may fear being alone in their final moments, and that is why it is encouraged for the family to seek these mental health resources to create their own peace of mind.

In some cases, simple physical contact can be the most soothing for a person nearing the end of their life. Holding hands, gentle touch, or even massage can make a person feel the love in ways words can’t properly articulate in those moments. Often, just being present throughout hospice or palliative care is enough to let the patient know they are cared for and loved.

Written By
Assistant Editor

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