How to Finance Caring for a Loved One Nearing End of Life

The only certainty in life is that one day, you will leave that life behind. We tend to assume that we have at least 70 years on Earth, but terminal illness shortens people’s life expectancy regularly. When you hear that someone you love only has a short while to live, it’s emotionally and financially distressing.

There isn’t anything in life that can prepare you for managing end-of-life care and decisions for someone you love. However, as medical bills and living expenses mount, the more necessary it becomes for us to take the reins for our family members as they near the end. Continue reading to learn some things you can do to finance end-of-life care for your loved one.

Life Insurance Settlement


If your family member has a life insurance policy, they may have all they need to get money to pay for their end-of-life care. One of the benefits of life insurance is selling your policy and getting a lump sum for your policy.

Viatical settlements are one of the main options for people who have a terminal illness. A viatical settlement isn’t the same as selling your insurance policy, even though they’re very similar. The biggest difference is that you don’t have to pay taxes on a viatical settlement.

According to life settlement regulations, you have to have a life expectancy of fewer than two years to qualify for a viatical settlement. The amount of the insurance policy and your loved one’s life expectancy determines the cash value of the settlement.

It would help if you did your research before signing off on a viatical settlement. American Life Fund is one of the premier viatical settlement companies in the United States. They have years of experience providing life settlements for people nearing the end of their lives.

Supplementary Insurance


If you have private insurance, whether it’s through your job or on your own, you should consider getting supplementary insurance. Critical illness insurance pays out a lump sum for terminally ill cancer patients, heart failure and heart attack patients, paralysis, renal failure, and more. If you have a history of terminal illness in your family, you should consider getting critical illness insurance. It’s important to be proactive because the insurance only covers critical illnesses diagnosed at least 90 days after you sign up for the policy.

If you file an insurance claim and your insurance company wrongly denies your claim, you may have to get legal aid to get the funds you need. When you’re battling a serious illness, an insurance claim denial is the last thing you need. Check out all the possible reasons for your claim denial, and if there are no mistakes in your paperwork and your policy should cover your treatments, you should file an internal appeal. For additional information about how to handle denied claims, visit



Terminal illness and old age come with larger than average medical bills while simultaneously limiting or terminating your workability. Of course, for most people, being out of work also means they can’t afford private insurance. Could you imagine trying to pay medical bills for special treatments and medicines without insurance? That’s the fast track to financial ruin.

Not having health insurance is one of the most common reasons for people not seeking medical attention when they need it most. However, if you have a debilitating, life-threatening illness, you may qualify for Medicare or Medicaid, which are public insurance options.

There are slight differences between the two insurance plans, but they have similar benefits. Medicare is an insurance option for people over the age of 65 or people with a disability. Medicaid covers the same demographics as Medicare, but Medicaid is also an option for people who don’t earn enough income to afford their own insurance policy.

Jeffery D. Silvers
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