by Life Credit Company | Feb 13, 2018 | Understanding Your Life Insurance Policy
If you have been diagnosed with cancer or another serious, terminal medical crisis then you know preparing for your financial future involves many challenges. You may have thought of creative ways to spend your savings, taken a closer look at your annuities and investments, and even explored cashing out your life insurance policy. But, can you cash out a living benefit option on annuities and receive immediate cash assistance for cancer treatment and at-home medical care? Or, do you qualify for a cancer loan using your death benefit on your life insurance plan? You may be considering a number of add-ons and riders in your life insurance policy or annuities. Can I get Cash for Cancer Treatment Using my Annuity’s Living Benefit Option? An annuity is a collection of investments, which can often be diversified to maximize the returns. As part of the portfolio, an annuitant may be able to opt for a living benefit, meaning he or she can draw cash from the value of the annuity if needed. If you are considering borrowing from your annuities and use it as financial assistance for cancer treatments or care, there are a few things to consider: Value of upfront investments – A policy holder must invest a certain amount in order to guarantee he or she will receive a set living benefit, no matter how the investments perform, which may require a significant amount up front. Costly Fees – Most annuities charge fees for choosing the living benefit feature, which may be paid on a yearly, quarterly or monthly basis, depending on the agreement. Incremental Financial Payout – Living...
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