A viatical settlement offers you a way to cover the medical expenses associated with your terminal illness by selling your life insurance. However, coping with the reality of your situation, both from a financial standpoint as well as a health one, can be overwhelming. Regardless of your situation, there are ways to help you step away from these feelings and experience greater peace and relief. here are four ways to cope during the viatical settlement process.
Work with a company that’s interested in your well-being.
Viatical settlements give you the opportunity to sell your life insurance policy to a broker, so you can access the funds (known as a life settlement) you need to pay for your treatment costs and other day-to-day expenses. However, learning first thing that buyers or investors may simply only be after your policy and death benefits without genuinely caring about your needs can be disheartening, no matter what cash value payout they may be offering based on items like your life expectancy and what your current premium is.
When you begin the life settlement process, work with a top-rated viatical settlement company with a track record for fair deals and caring about their customers. Most life settlement companies like this will go out of their way to help you understand what viatical settlements really are and offer additional resources that you can use as you navigate your terminal illness. This way, it doesn’t just feel as though life settlement brokers are just a third party interested in making money from your insurance policy. With the right company in your corner, getting a great deal and being treated as more than just a policyholder is one less thing that you have to worry about!
Make your current living situation more enjoyable for you.
One of the best ways to de-stress and find a welcome distraction as you’re navigating this process is to find ways to make your surroundings a better fit for you. That being said, there are many ways that you can accomplish this. you can make your space more pleasing by pursuing renovations like caring for your roof, installing or making space for new windows to bring in more natural light, or even developing an outdoor space that features a patio, pool, or outdoor kitchen.
You should also look for items for your home that bring you joy or make it easier to navigate in your current state of health (without bringing in too much clutter, of course). For example, by pursuing interior design options (which may be better for some ill patients), you can spruce up your space and introduce new items like rugs, pillows, blankets, or even purchase items you’ve always wanted like laptops and high-end pens to upgrade your workspace. Dealing with poor health can be stressful as a seller navigating a life settlement transaction, but tailoring your space for your needs can make your whole life at home a bit more comfortable in the meantime.
Look for professional help if you find that you need support.
Dealing with major life developments, like developing cancer, for example, can often put a strain on our ability to cope. The good news? Finding a therapist can help you cope with your depression and anxiety more effectively as well as provide you with the tools you need to support yourself moving forward. If your quality of life is being severely impacted by your mental health, turning to a therapist is a great idea.
Find ways to squeeze more happiness and self-care into your day.
Given your current situation, focusing more on yourself should be a greater priority. Look for ways to care for and pamper yourself by incorporating self-care ideas into your day like finding spa products to use at home, reading a book or watching your favorite movie, and finding new relaxing exercises like yoga and meditation (you may even want to take a look at simpler exercises like deep breathing, which helps reduce stress and anxiety). the less stressed you’ll be during the viatical settlement process.
Coping with a terminal illness and having to turn to emergency financial resources can be draining. If you find that you’re having too much trouble coping with your situation, boost your mental health and well-being with the four tips above.