by Life Credit Company | Jul 19, 2018 | Financial Assistance for Cancer Patients
This is the second in a three-part series called Navigating Cancer Care. Among the many effects of cancer—from the physical to the mental to the emotional—the financial impact can be the most unanticipated and misunderstood, yet also the most long-lasting. The costs of cancer can be immense, and that financial burden has the potential to dramatically shape a patient’s care, as well as prognosis. That’s why options like loans for cancer patients and other programs to provide financial assistance for cancer patients can be lifesaving, in more ways than one. For those without considerable financial resources, the costs associated with top doctors, award-winning cancer treatment centers, and the most innovative therapies may make recovery seem hard to reach. However, everyone deserves an equal shot at health, which is why it’s important for those facing a cancer diagnosis to explore their financial situations and come up with a plan to overcome the financial obstacles of cancer. Taking inventory of your own finances is a practical first step to establish a firm understanding of your financial landscape. Then getting a handle on your expected costs can help you put that figure into context. Many cancer treatment centers connect patients with a financial counselor, who can offer advice about options like loans for cancer patients and other innovative cost-saving programs. Remember to not just explore the price tag of chemotherapy or other medical bills but to also consider hidden costs. For instance, does your employer offer a disability option so you can continue receiving your salary, or will you have to contend with lost wages? Take into account added costs for childcare... read more
by Life Credit Company | Jul 12, 2018 | Cancer Treatments & Therapies
This is part one of Navigating Cancer Care, a three-part series that will provide cancer treatment basics, including guidance on finding financial assistance for cancer patients. No matter who the patient is, getting the news that you have cancer is a life-changing moment, one that does not come with a roadmap. Few people realistically anticipate ever receiving that diagnosis, so if it does come, most are not only unprepared for what their next steps should be, but also lack an underlying understanding of cancer treatment basics. A measure of awareness about what comes after an initial diagnosis can go a long way toward easing patients’ minds and shedding light on the path forward toward health. So what are some of the cancer treatment basics? Each cancer has to be treated on an individual basis, as the area of the body it is affecting, its level of progression, the person’s age, and many other factors affect a potential treatment plan. In general, however, these are some of the most-common treatment approaches: Surgery: This is often the first line of defense against cancers that have yet to fully metastasize, or spread. There are a range of surgery options, from minor to more invasive, depending on the person’s individual case. Chemotherapy: Perhaps the treatment most publicly associated with cancer, chemotherapy involves the delivery of a drug regimen to attack and kill cancer cells. The therapy is often associated with side effects such as nausea and hair loss, though symptoms vary widely. Radiation Therapy: In this treatment, radiation is used to damage and ultimately kill cancer cells, with the aim of shrinking tumors.... read more
by Life Credit Company | Jun 28, 2018 | Cancer Treatments & Therapies
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.... read more
by Life Credit Company | Jun 14, 2018 | Understanding Your Life Insurance Policy
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,... read more
by Life Credit Company | Jun 7, 2018 | Understanding Your Life Insurance Policy
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... read more
by Life Credit Company | May 24, 2018 | Understanding Your Life Insurance Policy
If you’re considering investing in life insurance, one of your first decisions is likely term insurance vs. whole life insurance. The type of insurance you choose will dictate the level of protection you get, and for how long, so it’s important to understand which policy fits best for your individual situation. What is the Difference Between Term and Whole Life Insurance? There are a few key differences between term and whole life insurance, including: Length of coverage: Term policies only offer death-benefit coverage for the policyholder for a set number of years, while whole life, instead, extends through the person’s death. Whole life insurance typically provides both a death benefit and a cash savings, where term does not accumulate cash value. Premiums: Because whole life has a longer coverage period, monthly premiums may be higher than those associated with term policies. Living death benefit: Many policies only allow clients to add a rider such as a living death benefit—which enables the person to draw cash from the policy in the event of a terminal illness—to a whole life policy. Life Credit’s Living Benefit Loans, however, allow policyholders to borrow against the death benefit of both term and whole life policies. Term Insurance vs. Whole Life Insurance So which type of policy is better? It largely depends on a person’s unique situation. Term insurance is often a good fit for younger individuals, who want to protect their families in the event of an unexpected loss, all at a price that doesn’t break the bank. However, when the term finishes, the policyholder will lose protection, which can be a... read more
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