A Hard Thing To Swallow

A hard thing to swallow

Life can be tragically unpredictable, the good fortune and positive outcomes we anticipate can suddenly become dire circumstances. One man’s life story reveals a vivid example. His story shows that carefully developed plans and substantial assets are sometimes not enough. It also reveals that resources which we think can cover every contingency can still fall short. Finally, it demonstrates that an asset we think might be least helpful in the late stages of life can actually become a safety net. The asset is a life insurance policy that can be converted to a lump sum payment during the life of the insured. For additional local paper samples visit bestessaycheap.

This is the life story of a successful business owner. He married a successful business owner. They made a comfortable life in an upscale home and neighborhood. They enjoyed family, travel, grandchildren and good health. The husband’s active lifestyle began to foreshadow difficulty when this avid 55 year+ aged distance runner suddenly began to slow down. He lost strength and vitality. He experienced increasing levels of pain in his lower limbs. The situation worsened as running became shortened, then even walking became difficult without assistance. The descent in his health reached a low when he was diagnosed with ALS, better known as Lou Gehrig’s disease. It was a disease which causes a progressive and total paralysis. It was disease that had no cure.

Source:

Facing terminal illness: Financial planning for his survivors
By Gary Weiss @Money December 13, 2012: 4:09 PM ET

 

He had private health insurance, a substantial income, and private disability insurance. However, the expense and difficulty of gaining treatment for an incurable disease was physically, emotionally, and financially draining. Soon, he was deeply involved in use of savings and retirement monies (such as Roth IRA and 401(K)). He spent a great deal to re-fit his home with special equipment so that he could continue to work. As his condition worsened, he had to stop work and was fortunate to have received a buyout of his ownership share.

His health worsened as predicted as paralysis spread to his limbs then torso. He noticed periods in which it was difficult to eat and breathe; there were periods in which it was very hard to swallow. At some point, he would lose the ability to breathe on his own and the swallow reflex. There were possibilities of living on a ventilator, and being fed by intubation. The prospects of lingering in such a state were made more difficult by thoughts of the financial impact on his wife and family. The extended and intensive costs could erode remaining assets should survival extend beyond a period covered by current resources.

A substantial life insurance policy was one of his remaining assets. In the event that his needs were to exceed available resources, this asset could be converted into a lump sum. The option to convert the insurance, to engage in a viatical settlement, had not been used. In this case, it might not be used. However, the overall situation illustrates that a final illness can be a financially devastating experience. It can exceed means even for a family with above average income and assets. Conversion of life insurance to aid the end of life medical expenses is a valuable option. Even when as extraordinarily well-prepared as this family, it is important to consider the benefits of life insurance conversion with a viatical company. Life insurance is an important asset during life too. Contact Harvest ACS to learn more about life settlement, the process and what to expect.

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