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,...

Can Life Insurance Cash Value Help Cancer Patients?

Are you considering whether your life insurance cash value can help you confront a medical crisis like cancer? You’re certainly not alone. Many cancer patients are facing significant financial burdens, and life insurance can be one way to overcome some of those obstacles. First, it’s important to understand the basics of how life insurance builds cash value. Understanding Your Life Insurance Policy’s Cash Value One of the major differences between whole and term life insurance policies centers on cash value. Term policies are applicable for a set number of years and do not accumulate cash value. Once the term has ended, the policyholder does not have any coverage and cannot draw on any of the premiums he or she paid throughout its duration. Whole life insurance, on the other hand, is active throughout an individual’s life and builds cash value over the years. So how does life insurance accumulate cash value? A policy’s value grows as the individual pays the agreed-upon premiums. A portion of the premiums goes to the person’s death benefit, which will be paid out to survivors after he or she passes away, and a portion is set aside as the policy’s cash value. How Can Life Insurance Help Me as a Cancer Patient? If a person chooses a payout or to sell a life insurance policy, he or she will only get the life insurance cash surrender value. Often, the surrender value is lower than the actual cash value of a policy, so the holder will not truly be getting back what he or she put into it. Sometimes, cancer patients may settle for this...