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Sell Your Life Insurance Policy and Get The Cash You Need Today! Viatical settlements allow the terminally ill to sell their life insurance for a lump sum cash payment while they are still alive. Proceeds are usually tax-free and can be used for any reason (living expenses, donations, medical expenses, new car, vacations, etc.). The cash settlement amount is determined by considering the insured's life expectancy and the associated cost of premiums to keep the policy in force for that timeframe. You may even keep part of your insurance policy, and sell the rest for cash. What if I live longer than doctors estimated or go into an unexpected remission? The investor loses out in this situation, not you. You are never required to return any portion of the settlement. Tax Information Effective January 1, 1997: The Health Insurance Portability and Accountability Act of 1996 makes the proceeds of Viatical Settlements federal tax free for people who are terminally ill (a life expectancy of under 2 years) Most states make the proceeds of viatical settlements state tax free, you should check with a tax advisor for your particular state. Receiving
a viatical settlement may affect your eligibility for public assistance
programs (Medicaid, Social Security, Food Stamps, etc.), so you should
consult social service agencies for more information.
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You can't take it with you. Enjoy the time you have left.
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