Why a Therapist Can Help You Through a Viatical Settlement

Therapists are mental health professionals equipped with the knowledge and skills to help people address mental health issues. Some therapists concentrate on specific treatment areas, such as working with people coping with addictions, while others treat patients with various issues.

While some individuals may opt to see a therapist regularly, others may seek counseling services from a counselor or psychologist because they’re going through a hard time, have experienced a traumatic event, or are coping with a unique, challenging situation, such as navigating a viatical settlement.

What are viatical settlements?

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Viatical settlements are financial transactions available for people with a terminal or chronic illness. To qualify for a viatical settlement, your life expectancy must be two years or less. To obtain a viatical settlement, you must establish that you meet the qualifications. Once this is confirmed, your viatical settlement company finds a buyer for your life insurance policy. Although it’s possible to cash in your life insurance policy instead, viatical settlements generate more revenue than your insurance policy’s cash value. You’ll receive a single cash payment in exchange for your policy, and the buyer becomes the policy’s beneficiary.

You can learn more about the process of qualifying for a viatical settlement from American Life Fund’s blog. Reading this blog will familiarize you with your options and the benefits of opting for a viatical settlement instead of a life settlement. The blog also offers information about paying for medical treatments. Whether you’re on dialysis, waiting for a kidney transplant, or undergoing chemotherapy treatment for cancer, you may need funds for medication and medical bills. Seeking information from viatical settlement experts can help you develop a plan of action to address your financial concerns.

Therapists can help you with your viatical settlement.

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If you qualify for a viatical settlement, you’re facing the last years of your life. Your illness or condition may affect your behavior. You may also struggle with negative thoughts. Some medical treatments can also cause mental health issues. For example, people receiving chemotherapy treatments may struggle with depression.

Seeing a mental health professional can help you process your situation and work through your grief. Sometimes, it’s easier to talk to a professional because they aren’t coping with their own grief over your diagnosis. This makes it possible to have practical conversations about end-of-life care and other decisions you’re facing.

Therapists can help your family.

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Your diagnosis and treatment can have a significant impact on your family. It’s common for people to struggle with survivor’s guilt. Survivor’s guilt refers to experiencing feelings of guilt over living when another individual dies. Survivor’s guilt can be triggered by traumatic events, such as school shootings or natural disasters. It can also be triggered by a life-threatening diagnosis affecting a family member.

Seeing a counselor or psychologist can help your family members process their guilt and their grief. It’s also possible your loved ones will be struggling with post-traumatic stress disorder (PTSD). Symptoms of PTSD include sweating, nausea, nightmares, and anxiety. Your family may develop PTSD from the medical treatments you receive or the symptoms you experience.

Seeing a counselor can help your loved ones identify mental health issues they’re struggling with and develop coping strategies. The counselor may also help your loved ones identify risk factors for anxiety attacks or other mental health issues. A counselor can be a crucial part of your loved ones’ support system and help them come to terms with the decisions you’re making about your end-of-life care and final arrangements.

Are there other support systems for people going through viatical settlements?

You can supplement the support you receive from your counselor by joining a support group. Support groups for terminally ill people provide a safe space to talk about your feelings and fears. You can gain insight from others facing similar circumstances.

There are also support groups for family members coping with grief and loss. Your loved ones may benefit from talking to others who have been through a similar experience.

To qualify for a viatical settlement, you must have a life expectancy of two years or less. Seeing a psychologist while you’re going through a viatical settlement can help you process your emotions when you qualify and come to terms with your decision. Your therapist can also help you make sound decisions about using the settlement for your end-of-life care and final arrangements.