Is the Financial Burden of Cancer Undermining Treatment?

The financial burden of cancer may be significantly shaping how the disease is affecting Americans, on both individual and societal levels, according to recent research. Nearly one-third of cancer patients are suffering from the financial effects of cancer, a report in the journal Cancer found. The study reported that those who were bearing a financial burden had lower physical- and mental-health outcomes than cancer patients who were financially stable. The financially strapped patients were at an increased risk for depressed mood and for anxiety related to potential cancer recurrence than their counterparts. Overall, the study found that the financial burden of cancer significantly affected patients’ quality of life. The study was on par with other recent research. According to the Washington Post, cancer patients are more likely to declare bankruptcy than those without the disease. Worse still, those patients who do declare bankruptcy are more likely to die from the illness than cancer patients with a better financial prognosis. What can be done to combat these frightening statistics? The problem is a multi-pronged one, as costs add up for cancer patients on many fronts, from treatments to prescription drugs to lifestyle factors, such as reduced working hours or increased need for childcare. That’s why an individualized approach to reducing the financial burden of cancer can be helpful. One option is using one’s life insurance policy, such as through Life Credit’s Living Benefit Loan program. Through this effort, patients can borrow against their life insurance policy for any number of needs—to buy their medications, to pay for life-saving treatments, or to settle bills that added up because of lost wages....

Life Insurance Death Benefits: Pros & Cons

Claiming life insurance death benefits can be a lifesaving option for a person’s family after he or she passes away and can even be beneficial for the policyholder while he or she is still alive. When selecting a life insurance policy, it is important to consider the pros and cons of each option, especially the policy’s death benefit. Death Benefit Pros Death benefits are generally designed to help a policy holder’s beneficiaries pay for his or her final arrangements, to settle debts and, in some cases, to help them save and build wealth. Some policies also include the option of claiming life insurance death benefits through loans while the individual is still alive. That can be an effective way of paying down debts and confronting financial emergencies, such as cancer or other critical medical conditions. Death Benefit Cons Death benefits vary greatly depending on the individual’s policy. For instance, term policyholders generally cannot draw on their benefits while they’re still alive. Those who want that option would need to invest in a whole or permanent life insurance policy, which is generally more expensive as it lasts throughout the duration of an individual’s life. That means higher premiums each month, which can be challenging for many, especially those who are just starting out. Another Option Those considering the best options for claiming life insurance death benefits can also explore avenues like Life Credit’s Living Benefit Loans. This program allows policyholders—regardless of whether they have term or whole life insurance—to borrow against their policy’s death benefit to address immediate financial concerns. Individuals can receive up to half of their death benefit,...

Does Life Insurance Payout for Cancer?

Many cancer patients are facing significant financial burdens, and a life insurance payout for cancer patients can be one way to overcome some of those obstacles. Whether or not you can cash out your policy may depend on the type of life insurance you own – term or whole – and if you have accumulated cash value throughout your life. Can you cash out a term life insurance policy? Term life insurance policies do not accumulate cash value. A term life insurance policy provides an individual with coverage for a set number of years. At the end of the time period, coverage is suspended and the policyholder cannot draw on any of the premiums he or she paid throughout the duration of the policy. Although this type of insurance will pay a health benefit to the beneficiary, a term life policy holder cannot borrow money from the policy. Can you cash out a whole term life insurance policy? A policyholder can withdraw cash from a whole life insurance policy. A policy’s value grows as the individual pays the agreed-upon premiums. A portion of the premiums goes toward the death benefit, which will be paid out to survivors when the policyholder passes away, and a portion will accumulate to build the cash value of your life insurance policy. Your life insurance policy’s cash value can help you confront a medical crisis, but it is important to understand how your cash value accumulates and what happens after a policy payout. The cash surrender value is often lower than the actual cash value of the policy when they decide to payout or...