by Life Credit Company | Mar 2, 2018 | Understanding Your Life Insurance Policy
Life insurance is typically considered something that assists people after death—however, permanent life insurance with living benefits can provide immediate, and significant, financial assistance to people in need. A living benefit rider can be written into a life insurance policy to allow the client to draw upon the policy’s cash value in the event of a terminal illness. What are the benefits of whole life policy with this option? Financial assistance: Mounting medical bills from serious illnesses like cancer can quickly bankrupt a patient. Future financial security: Taking care of debt associated with a medical crisis as it occurs helps families avoid years of complications. Peace of mind: Knowing that you can tap into the cash value of your life insurance policy may provide a needed sense of security in an otherwise worrisome time. Dignity: Having access to financial assistance means a patient with a terminal illness is able to control his or her final days. Stress reduction: Stress has been shown to increase a person’s risk for medical complications, so someone fighting an illness can benefit physically from being able to proactively manage finances. There are life insurance advantages and disadvantages, however, as not all plans offer the living benefit option. For instance, if you’re considering what are the benefits of term life insurance, it’s important to note that term policies don’t allow policyholders to draw on the cash value during life, as they’re only available for a certain length of time. That’s where Life Credit’s Living Benefit Loans can come in. The benefits of this program include: Financial help, regardless of policy: Life Credit provides loans no... read more
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... read more
by Life Credit Company | Jan 25, 2018 | Understanding Your Life Insurance Policy
When it comes to choosing a life insurance policy, there are a dizzying number of options. Prospective policyholders have to consider everything from group vs. individual and term vs. whole, depending on personal circumstances. Additional, customizable options are also available in the form of benefit riders. Insurance benefit riders are, most simply, add-on elements to an insurance policy that can be invoked throughout the duration of the policy, depending on individual situations. For instance, those in need of finances for cancer patients may be eligible for living benefits, if the policyholder added such a rider to the policy. Most Common Benefit Riders Used For Cancer Treatment Funding Accelerated death: This worst-case scenario option typically is provided in the case of a terminal illness, in which the policyholder is not expected to live more than two years.If eligibility requirements are met, the accelerated death benefit rider usually allows the individual to access cash advances from their death benefit. Though it can provide funding to help a person live out his or her final days comfortably, it will reduce the amount left to beneficiaries’, which is a consideration. Accidental death: Insurance companies often offer the option for an accidental death rider, which provides added money on top of the standard death benefit if the policyholder dies of a non-medical cause. Such riders can be used in the case of a car accident or a slip and fall. Disability income: This add-on allows for monthly payments from the insurance company if the policyholder becomes permanently disabled. Cancer treatment funding could be accessed through this type of rider, depending on the person’s prognosis.... read more
by Life Credit Company | Jan 18, 2018 | Understanding Your Life Insurance Policy
From grants to loans and everything in between, financial options for cancer patients are wide-ranging, and widely needed. As medical bills mount and working hours are restricted, cancer patients and their loved ones often start exploring ways to stabilize what can be shaky financial footing. One option that can be complex, yet valuable, is a life insurance policy. Can Your Life Insurance Policy Help You Access Cash Fast? Know what type of life insurance policy you have. Term life insurance protects the holder for a set number of years. The individual pays premiums during that time and, should anything happen to him or her in that timespan, the policy holder’s beneficiaries would receive an agreed-upon benefit. However, if the person lives past that expiration date, the coverage stops and the holder receives no benefit.Permanent life insurance policies cover a person throughout his or her entire life, builds cash value, and pays out a lump-sum benefit upon his or her death. It often requires a larger investment than a term policy but comes with the guarantee of a payout. Find out if your policy has a cash value. If you are considering a payout from your life insurance policy, then you must the policy must have cash value. A whole life insurance policy it is likely you have build up a cash value. Check your policy for an accelerated death benefit rider. Some insurance companies will allow for cash advances, also known as an accelerated death benefit, in which a portion of the person’s death benefit is paid out while he or she is still living. Such an option often requires a... read more
by Life Credit Company | Jan 11, 2018 | Understanding Your Life Insurance Policy
Many Americans are familiar with the concept of a death benefit, or the amount paid out from your life insurance policy after your passing. However, fewer people are as aware of the idea of a living benefit, which can be just as crucial to a family during a loved one’s final days. Living Benefits on Life Insurance Defined A living benefit is a portion of a person’s death benefit from their life insurance company, typically granted to an individual when he or she is facing a terminal prognosis. Living benefit programs vary depending on the provider but most require the insured to provide proof of an illness that is expected to claim his or her life within 24 months. If the applicant is approved, living benefits typically range from a quarter to 100 percent of what the policy’s death benefit amounts to and can be used for whatever the policyholder needs. The individual may choose to use the funds for medical care, or to plan ahead for funeral or other end-of-life expenses. Planning for the Future The prospect of a terminal illness is a frightening one that many people don’t want to seriously consider when making plans for their future. Because of that fear, some may miss out on the opportunity to add a living benefit rider to their life-insurance policy, and many companies won’t approve such additions, even in an emergency situation. Closing that gap is a goal of Life Credit Company’s living benefit loans. Such loans allow applicants to receive a portion of their insurance policy’s death benefit while still living. Since the program does not require... read more
by Life Credit Company | Dec 28, 2017 | Understanding Your Life Insurance Policy
Under normal circumstances, finding the money for emergency home repairs is a challenge; factor into the equation a cancer diagnosis and that challenge may seem insurmountable. That’s where Life Credit Company comes in. Our living benefit loans provide vital financial help for cancer patients, allowing them to manage day-to-day expenses with a clearer mind — ultimately enabling them to focus on their physical health. From combatting a leaky roof to paying down medical bills, these Life Credit testimonials shed light on the many ways our programs help cancer patients get on the path to financial health. “Hi, I’m Rebecca from Houston, Texas, and I’ve been battling cancer for four-and-a-half years. This past fall I was diagnosed with stage four cancer. Because I was not able to work full-time continuously during this four-and-a-half years, both mine and my husband’s credit took a hit. This past spring we had leaks in our roof and turns out we needed a new central AC unit. Because of our credit, we were not able to get a loan and we had gone through our life savings. So, I started researching and looking for alternatives. Through that, I found Life Credit and I looked into them. I am a former fraud analyst with a national bank and my husband is a police officer, so we’re naturally skeptical people. I researched thoroughly Life Credit and found absolutely nothing negative. I went through the Secretary of State, Better Business Bureau and I really thoroughly researched them. I called and I did speak to Craig initially and he answered all my questions. When I was ready to commit,... read more
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