Your life insurance is only good when you’re alive. When you’re dying, you won’t reap the benefits of the insurance. You can’t even afford to pay for the monthly premiums anymore. As such, it’s in your best interest to consider a viatical settlement.
Through this process, you can sell the insurance to another person and allow that person to continue paying the monthly premiums. You might have to sell the policy at a low price, but it’s good enough. Besides, you’re already dying. You can earn a small amount out of the deal rather than not get anything at all. Once you die, your life insurance is as good as nothing.
You can consider this deal as a way of helping someone else who doesn’t have life insurance yet, or if it’s not comprehensive enough. The person can receive the benefits meant for you, and even keep the ball rolling.
The good thing about this deal is that you don’t need to be in your old age. If you have a terminal illness and you wish to consider this option, it’s possible.
Prepare yourself
It might seem difficult at first to accept the idea that you’re dying. You feel bad that you can’t fulfil your dreams anymore. However, there’s no point in dwelling on what you can’t change. You can continue your medication and heed the advice of your doctor. Despite that, you also have to prepare yourself for the possibility of leaving the world soon. Think about what will happen to the people you love, and everything you worked hard for in the past.
As soon as you accept this fact, it will be easier for you to move forward with your plans. You will then realize that opting for a viatical settlement isn’t a terrible idea after all. You might not change your fate anymore, but you can prepare the people you leave behind, and even help someone else who has several more years to live.
Using your money
If you find someone who will buy your life insurance, you can use the money earned for medication. You can also use it for funeral expenses. Your family is in a deep emotional state right now because they know that you’re leaving the world soon. The least you can do is to help them financially by preparing for all possible expenses related to your death. You can also use the extra cash to hire lawyers if you plan to write your will.
If the amount is significant, you can give it to your loved ones and tell them to do whatever they want with it. Once you die, your family might lose a breadwinner, and they have to fend for themselves. It’s the last thing you can do to provide financial support.
It’s tough when you know that you’re dying and there’s nothing you can do about it. Despite that, you need to be practical and prepare your family for your passing.
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