September 2014 - Life Credit Company

Getting Financial Assistance for Cancer Patients the Painless Way

Cancer is many different things, from frightening to chronic, and in some lucky cases, it is simply “removed.” In most cases it is expensive. How can cancer patients get financial assistance as painlessly as possible? Standard Financial Assistance Help from relatives and caregivers, if available, can be wonderful, however, it is often limited, not enough, or not available. Cancer can be a long battle that exhausts the available financial assistance for all but the very wealthy. That can be true even when you have great health insurance because of expensive copays, claim denials, you run into unexpected expenses, and very often because a patient’s earning ability drops. Today, many people are using social media as a way to seek financial assistance. You may have noticed an increasing trend in online fundraising campaigns and perhaps even helped organize a fundraiser for someone who has cancer. And, if you have a life insurance policy, you might be able to surrender it, borrow from its cash value or request an accelerated death benefit pay-out. Unfortunately, these options are not available to most. A Simple Way to Access Value in Your Life Insurance Policy For those with a life insurance policy, we offer one of the easiest ways for cancer patients to get the financial assistance they need. We offer a Living Benefit Loan of up to 50% of the death benefit that can be used by you for any reason. We take on the premium payments. Our loan is later repaid from the death benefit proceeds with the remainder going to your beneficiaries. Talk to an Experienced Counselor Today If you think...

3 Ways to Borrow Money from Your Life Insurance Policy

Can you borrow money from life insurance?  Yes you can, and there are 3 popular choices to consider. There’s the policy loan, an option called an “accelerated death benefit” and a living benefit loan. Let’s take a look at each of these. Policy Loan Taking out a policy loan is generally straightforward: you borrow against your life insurance policy for its cash surrender value. However, there can be problems such as higher premium payments. Also, most policies don’t have a cash surrender value, making this option unavailable to many. Accelerated Death Benefit The second option, the accelerated death benefit, works if you want to borrow money from your life insurance policy. In order to qualify, you must be terminally ill. How that is defined can vary according to your policy, but it is generally a 6  to 24 month life expectancy. A letter from your doctor confirming this is required. Living Benefit Loan A living benefit loan can also be a great solution. If you have been diagnosed with a disease that is life-limiting, such as cancer, you can receive a Living Benefit Loan for up to half of your death benefit. For example, if you have $100,000 in coverage, we can loan you up to $50,000, secured only by that life insurance policy. You keep your insurance and your beneficiaries remain as they were listed before the loan. The Next Step If you want to borrow money from your life insurance policy, understanding your options is the first step. The next step is to speak with an experienced counselor who can guide you through the process to borrow...