THE FINANCIAL IMPLICATIONS OF GETTING SICK WITH SERIOUS ILLNESS ARE SO OFTEN GUT WRENCHING
AND THE LAST THING ANYONE INCLUDING IMMEDIATE FAMILY SHOULD BE WORRIED ABOUT WOULD EITHER
WE OR A LOVED ONE GET SERIOUSLY ILL IS LACK OF ADEQUATELY MONEY DURING THIS TRYING TIME.
WITH US TODAY TO DISCUSS PRACTICAL FINANCIAL OPTIONS WHEN SERIOUS ILLNESS STRIKES IS LEE
BURMAN.
LEE IS THE VICE PRESIDENT OF POLICY SERVICES AND CHIEF SETTLEMENT ADVISOR WITH ASSET FUNDING
CORPORATION.
WELCOME LEE.
IT'S SO GREAT TO HAVE YOU.
IT'S GREAT TO BE HERE.
THANK YOU FOR HAVING ME.
THIS IS VERY IMPORTANT TOPIC WE'RE DISCUSSING TODAY AND YOU KNOW, WHY ARE SO MANY PEOPLE
IN THE POPULATION NOT PREPARED OR NOT EQUIPPED TO HANDLE THE FINANCIAL BURDENS THAT ACCOMPANY
LIFE THREATENING ILLNESSES?
JULIE, THAT IS A GREAT QUESTION.
I THINK THERE ARE PROBABLY TWO REASONS FOR THAT.
NUMBER ONE: IS THAT NO ONE CAN REALLY BE PREPARED AND CAN EXPECT TO BE DIAGNOSED WITH SOMETHING
LIKE CANCER OR LOU GEHRIG'S DISEASE.
TRUE.
SO, THERE'S NO WAY TO PREPARE FOR THAT FINANCIALLY.
THE SECOND THING I THINK PEOPLE JUST DON'T REALIZE THAT WHEN YOU HAVE THIS TYPE OF DIAGNOSIS
AND YOU'RE GOING THROUGH TREATMENT, FINANCIALLY YOU'RE NOT GOING TO BE IN THE SAME PLACE AS
YOU WERE BEFORE.
FOR MANY PEOPLE THE HAVE TO MISS SIGNIFICANT TIME FROM WORK.
RIGHT.
THE INCOME DOESN'T COME IN ANYMORE BUT THEY ARE STILL REQUIRED TO MAKE THEIR HOUSE PAYMENT,
THEIR CAR PAYMENT.
SURE.
PUT FOOD ON THE TABLE.
SO, THOSE ARE PROBABLY THE TWO MAIN REASONS.
YOU KNOW, LEE, A PHRASE AND SUBJECT MATTER YOU KNOW WELL BUT MOST OF US HAVE NEVER HEARD
OF, I HAD NOT.
IS A VIATICAL SETTLEMENT.
WHAT ARE THEY?
VIATICAL SETTLEMENT IS BASICALLY THE SALE OF AN EXISTING LIFE INSURANCE POLICY FROM
THE POLICY OWNER TO A THIRD PARTY FOR CASH.
IN EVERY CASE, LESS THAN THE DEATH BENEFIT BUT MORE THAN THE CASE SURRENDER VALUE OF
THE POLICY.
WOW.
TELL US WHAT ASSET FUNDING CORP IS DOING TO MAKE VIATICAL SETTLEMENTS A VIABLE OPTIONS
FOR THOSE WITH LIFE INSURANCE POLICIES WHO ARE DEALING WITH LIFE THREATENING ILLNESSES?
WELL, FOR OVER 10 YEARS, ASSET FUNDING CORPORATION HAS BEEN WORKING WITH PEOPLE WHO HAVE BEEN
EITHER DIAGNOSED WITH EITHER THIS TYPE OF ILLNESS OR THEIR FAMILIES MEMBERS, CAREGIVERS,
OR THEIR FINANCIAL ADVISORS TO MAKE A VIATICAL SETTLEMENT AN OPTION FOR THEM.
AND WHAT WE DO IS EITHER DIRECTLY OR THROUGH OUR WEBSITE AT
SELLYOURINSURANCE.COM WE PROVIDE THE TOOLS TO DO AN EVALUATION OF
THE POLICY.
LOOK AT THINGS LIKE THEIR PREMIUMS, THE HISTORY AND THE RULES OF THE POLICY AS WELL AS THEIR
MEDICAL CONDITION.
AND BY GATHERING ALL OF THIS INFORMATION WE CAN GIVE THEM OPTIONS.
WE CAN EDUCATE THEM ABOUT THE OPTIONS IS THEIR POLICY.
THEY MIGHT HAVE OPTIONS THAT THEY ARE NOT AWARE OF AND ONE OF THOSE OPTIONS VERY WELL
COULD BE THAT ASSET FUNDING CORPORATION COULD MAKE THEM AN OFFER TO ACTUALLY BUY THE POLICY
FROM THEM AND GET THEM THAT MUCH NEEDED CASH.
NOW, DO ALL LIFE INSURANCE POLICY HOLDERS QUALIFY?
HOW DOES THAT WORK?
WELL, IN ORDER TO QUALIFY FOR A VIATICAL SETTLEMENT YOU DO HAVE TO BEEN DIAGNOSES WITH ONE OF
THESE ILLNESSES THAT WE'RE TALKING ABOUT.
SO, THIS IS CANCER, LOU GHERIGS, HEART DISEASE, AIDS,
KIDNEY DISEASE.
CORRECT.
YEAH OK.
AND BUT YOU DO HAVE TO ONE OF THESE ILLNESSES TO QUALIFY FOR A VIATICAL SETTLEMENT.
A PERFECTLY HEALTHY PERSON IN THEIR 40'S OR 50'S WOULD NOT QUALIFY.
NOW, FOR PEOPLE NOT FAMILIAR, LIKE I WAS NOT WITH VIATICALS, WHAT SHOULD BE THE PRIMARY
REASON FOR CONSIDERING THIS TYPE OF OPTION.
FOR MOST PEOPLE IN THIS SITUATION, THE FINANCIAL STRESS THAT THEY ARE GOING THROUGH IS THE
MOST IMPORTANT THING AND WHAT WE STRIVE TO DO IS TO GET THEM THE CASH THEY NEED TO RELIVE
THAT FINANCIAL STRESS.
PUT THE CASH IN THEIR POCKETS TO HELP THEM PAY FOR AGAIN ALL OF THESE DAY TO DAY EXPENSES
THAT THEY ARE DEALING WITH.
AND ARE THERE COMMON MISCONCEPTIONS OUT THERE REGARDING THIS FINANCIAL TOOL?
YES, THERE ARE A NUMBER OF MISCONCEPTIONS IN WHAT WE DO.
THE FIRST IS THAT MOST PEOPLE THINK THAT YOU HAVE TO BEEN GIVEN A TERMINAL DIAGNOSIS IN
ORDER TO QUALIFY AND THAT'S JUST NOT TRUE.
REALLY?
YOU CAN HAVE A LONGER LIFE EXPECTANCY THAN LESS THAN TWO YEARS TO QUALIFY FOR A VIATICAL
SETTLEMENT.
THE SECOND IS THAT MOST PEOPLE THINK YOU NEED A PERMANENT OR WHOLE LIFE INSURANCE POLICY
IN ORDER TO SELL THE POLICY.
IN FACT, THE MAJORITY OF THE POLICIES THAT WE BUY ARE TERM POLICIES OR GROUP POLICIES.
GROUP POLICIES BEING ONE THROUGH YOUR JOB.
WOW.
AND AS THE USE OF VIATICAL SETTLEMENTS HAS INCREASED OVER TIME, HOW HAS THE APPROACH
EVOLVED?
WELL, A VIATICAL SETTLEMENT INDUSTRY REALLY STARTED IN THE LATE 70'S AND EARLY 80'S WHEN
HIV AND THE AIDS EPIDEMIC STARTED IN OUR COUNTRY.
AND AT THE TIME PEOPLE WERE LOOKING FOR ADDITIONAL MONEY TO PAY FOR TREATMENTS THAT WEREN'T COVERED
BY THEIR HEALTH INSURANCE.
AND SELLING A LIFE INSURANCE POLICY BECAME A GOOD OPTION FOR THEM.
BUT OVER THE YEARS, THE INDUSTRY HAS EXPANDED INTO ILLNESSES SUCH AS CANCER OR HEART DISEASE
AND KIDNEY FAILURE.
ALRIGHT FINAL QUESTION FOR YOU LEE, AS A SPECIALIST WHAT ADVICE CAN YOU GIVE PEOPLE WHO ARE CONSIDERING
THIS?
THE MOST IMPORTANT THING IS TO GET EDUCATED.
NOT ONLY ON YOUR CURRENT FINANCIAL SITUATION AND THE ASSETS THAT YOU MIGHT HAVE BUT ALSO
WHAT YOUR OPTIONS ARE.
WHAT WE OFFER AT ASSET FUNDING CORPORATION IS A COMPLETE EVALUATION OF THE LIFE INSURANCE
POLICY TO LET THEM KNOW WHAT ALL OF THEIR OPTIONS ARE WITH THE POLICY INCLUDING IF THEY
HAVE THE OPTION TO SELL THE POLICY AND AT THAT POINT THEY CAN MAKE AN EDUCATED DECISION
AND DO WHAT'S IN THEIR BEST INTEREST AND THE BEST INTEREST IN THEIR FAMILIES.
WELL, THIS WAS SUCH AN IMPORTANT TOPIC.
THANK YOU SO MUCH FOR COMING BY TODAY.
I MEAN THERE ARE SO MANY WITH SERIOUS ILLNESSES OUT THERE THAT HAVE NO IDEA THAT THIS EXISTS?
IT WAS MY PLEASURE.
THANKS FOR HAVING ME.
WELL, THANK YOU.
AND IF YOU'RE A HOLDER OF A LIFE INSURANCE POLICY AND YOU'D LIKE TO LEARN MORE ABOUT
THE FINANCIAL OPTIONS FOR LIFE THREATENING ILLNESSES VISIT US AT THEBALANCINGACT.COM
OR LOG ON TO FACEBOOK/THEBALANCINGACTFANS