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Viaticals- A ‘Dark Alternative’ To Shielding Survivors From Credit Challenges Of Medical Collections & Judgments
Home Finance Loans / Lease
By: Dale Rogers Email Article
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It’s just not enough to face the final phase of life with all the finality that goes with it without dealing with medical bills, collections and possible judgements all tied to the a terminally ill patient. A person may have worked all their lives with purpose and grace only to be run over by terminal illness. If there are loved ones attached to this experience all the pain and suffering may really go beyond the funeral with trailing medical bills, collections and even judgements. With accelerating medical costs the tab can be run up fairly quickly. Any savings or even health insurance may not be even close enough to meet the burden. Home equities can be quickly squeezed and exhausted. The terminal patient (this could be someone severely over weight-family history of heart disease as well-etc.) never intended to leave loved ones holding the ultimate financial bag. It just happens. As thoughts of Ralph Edwards the former host of “This Is Your Life” play out in the brain the mind may race ahead to the final act leaving loved ones to deal with the financial aftermath of this “life”. The obituary might read “He was a great guy/gal, but left his family and loved ones with a ton of unpaid debts.” An alternative for a terminally ill patient (or could be medically challenged and not able to work) may be a “Viatical”. If there is a term life insurance policy or better, such as whole life, universal life, annuity etc., in place or even a paid up policy or one that has monthly payments being made this could quality for the Viatical vehicle.

This then is the ultimate and final use of a handicapper. When life policies are taken out actuaries make a bet when a person is going to die based on their medical history, age, weight, health levels, occupations, smoker, non-smoker, etc. Later on, if the need arises, another handicapper can enter the scene. It is by request only. Viaticals are based on handicapping the rest of a person’s life based on the medical and such to determine by guessing when death might arrive. An investor will bid on a discounted basis on the face amount of the policy to give the insured and beneficiaries cash right now. A terminally ill patient may want to get their financial affairs cleaned up before dying so as not to stick love ones with a financial disaster. This comes home to anyone who in addition is dealing with the terminal illness but may be facing foreclosure from their home, cars repossessed, credit that has long since gone down the drain and a whole new layer of stress in the circle of concerned and effected loved ones. What to do, ride it out and let the chips fall where they may, OR make an effort to get it handled now and bring some peace to everyone by taking care of the financial affairs before death. Yes there will be a substantial reduction in the face value of the policy by taking a cash advance now, but it may save a lot of pain for immediate survivors. This is not for everyone. Obviously, if there is no life insurance policy in place for the terminally ill patient, this will not be an option.

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Dale Rogers provides valuable contributions to the Broken Credit Blog. He's a thirty-year mortgage expert. The Broken Credit Blog teaches you the secrets of free credit repair, enabling you to qualify for the lowest mortgage rates.

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