CASH OUT YOUR LIFE INSURANCE POLICY

A viatical settlement involves the sale of a life insurance policy by a terminally ill individual to a third-party buyer. In return for an upfront cash payment, the buyer takes ownership of the policy, pays the premiums, and receives the death benefit upon the insured's passing. This arrangement provides financial flexibility when it's needed most.

Terminal Illness: The policyholder has a terminal illness, often with a life expectancy of 24 months or less. Common conditions include cancer, advanced heart disease, ALS, or other life-limiting diagnoses.

Chronic Illness: The policyholder has a chronic illness that significantly impacts their quality of life and requires long-term care. For example:

• Unable to perform at least two activities of daily living (ADLs), such as bathing, dressing, or eating.
• Requiring substantial and ongoing medical care.

The payout from a viatical life settlement varies depending on factors like your age, health, policy type, premium costs, and the death benefit. While each case is unique, the average payout can be up to 30% of the policy's face value and is almost always more than the surrender value.

Yes. Many individuals use the proceeds from a life settlement to cover healthcare, special medical treatments, long-term care, or healthcare expenses. The cash from a life settlement can be used any way the policyholder chooses, including healthcare or investing, traveling, home improvements, helping family, etc.

The viatical life settlement process typically takes 4 to 8 weeks, depending on factors like policy complexity and document collection. At LifeRoc Direct, we streamline every step, handling medical records, policy documentation, buyer negotiations, and the closing process to ensure you receive your cash payout as efficiently and quickly as possible.

Many types of policies are eligible for life settlements, including universal life, whole life, and convertible term life policies. Non-convertible term policies may even qualify with chronic or terminal illness. Each policy type comes with specific conditions that impact eligibility, you can contact LifeRoc to help determine if your policy qualifies.

Yes, as a beneficiary or family member, you can assist your parent in exploring a life settlement. If they no longer need their policy or are struggling with premium payments, you can work with LifeRoc Direct to navigate the process on their behalf. We guide families with transparency and care, ensuring your parent gets the maximum value for their policy while aligning with their financial and legacy goals.

In the U.S., proceeds from viatical settlements may be tax-free for individuals diagnosed with a terminal or chronic illness.

* LifeRoc does not provide tax advice; please consult a tax professional.