by Life Credit Company | Jan 1, 2020 | Understanding Your Life Insurance Policy
While each policyholder will have individual circumstances — such as varying numbers of dependents or unique health concerns — there are some common ways to determine what your life insurance death benefit payout should be before you finalize a policy. One strategy is to add together the policy holder’s annual income, the cumulative amount that would be lost if he or she died today (presuming he or she would work through average retirement age) and burial costs. Even though this total may seem high, it allows for a worst-case scenario that would enable the person’s family to continue receiving the financial support this person had provided during life if he or she was to pass away at an early age. Life Insurance Death Benefit Payout Once the desired amount of the life insurance death benefit payout is calculated, you can then shop around to find a plan at that level with affordable premiums and that offers all of the other provisions you’re looking for in a policy. In the event of someone’s passing, the funds can be used to cover final expenses, as well as to address income gaps left by the loss. Once the contract is signed and sealed, if the insured does die, all that his or her beneficiaries have to do is submit a death certificate and some other accompanying paperwork to kickstart the process of receiving the pre-set payout. The funds are almost always non-taxable and paid quickly, giving beneficiaries easy access to vital financial assistance needed to lay their loved one to rest and maintain their financial health. A life insurance policy’s death benefit... read more
by Life Credit Company | Dec 17, 2019 | Uncategorized
Life insurance can be complex — but part of what makes it so are the misconceptions many have, which may be deterring them from enrolling in a life insurance plan (or from taking full advantage of it). The 5 life insurance myths listed are shared by many different age groups and demographics and have persisted for years, pointing to the idea that better financial education is a must for those who want to protect themselves and their loved ones in case of an emergency. Look through these 5 life insurance myths and, if any of them sound familiar to you, consider learning more about all of the benefits of life insurance—and then explore the best plan for you to get yourself and your family on track to a bright financial future. 1. You can’t afford it. In a recent study from Life Happens and LIMRA, about 80% of those surveyed overestimated how much life insurance actually costs, a trend that was particularly an issue with younger respondents. For instance, while the actual annual cost for a 20-year, $250,000 policy is about $160, millennials guessed $600, and Generation Xers suggested $400. 2. You don’t need it until you’re older. Ideally, you or your family won’t need to tap into your life insurance until you’re older, but it’s most cost-efficient to sign up for a policy at a younger age, as prices can increase with age and the onset of health conditions. 3. Retirement savings is more important. While it is smart to sock money away for retirement, that shouldn’t take precedence over investing in life insurance. Both can be part... read more
by Life Credit Company | Dec 10, 2019 | Financial Assistance for Cancer Patients
If you’ve found yourself in a financial bind because of crippling medical debt, you’re not alone: Financial side effects can be just as serious and severe as physical ones when it comes to life-threatening conditions like cancer. Many cancer patients are in need of quick cash to pay down mounting medical bills, prompting some to cash in or borrow against their life insurance policy. While this is an option for many, there are a number of factors to consider first. Here are 5 things to check before borrowing from a life insurance policy: 1. Will your death benefit be affected? No one wants to leave their loved ones unprotected after they pass, so it’s important to understand how a loan against your life insurance may impact the death benefit you’ve likely long invested in for your beneficiaries. 2. Is there an opportunity cost? Lenders may sneak in a number of added fees, such as this one that refers to the difference between the amount your invested premiums were earning and the amount of interest you’ll be paying. 3. Understand the interest rates. Most life insurance loans range from 5% to 8% interest rate, and it is compounded—meaning you’ll essentially be paying interest on your interest, which might be a deterrent for some individuals in the long term. 4. Calculate your actual payments—and your ability to make them. Factor in interest and determine just how much you’ll be paying back on the loan, and for how long. Add in other expenses and weigh this against your income to determine if borrowing against the policy is a feasible financial decision. 5.... read more
by Life Credit Company | Dec 3, 2019 | Cancer Research & News
Selecting your oncology team is one of the first and most challenging tasks every cancer patient faces. Working with a skilled and highly trained team of professionals is vital for many patients, yet they often are faced with a lengthy list of potential healthcare facilities, without knowing what are the top cancer hospitals in the US. One way to narrow down the choices is by considering the most highly regarded health facilities, such as those included on the prestigious U.S. World & News Report’s list of the nation’s top hospitals. Ten Excellent Cancer Hospitals Every year, the publication considers nearly 5,000 healthcare facilities for the honor. They ultimately name 50 top centers, including 10 specializing in cancer care, all of which have met the National Cancer Institute’s designation for standard of care. These are the leading cancer hospitals to keep on your radar if you’re looking for a well-respected facility for your care: Johns Hopkins Hospital: One of the most well-known healthcare facilities in the county has a cancer center based in Baltimore. M.D. Anderson Cancer Center: Based in Houston, Texas, the center is one of the nation’s first comprehensive cancer-treatment facilities, treating more than 135,000 people every year. Seattle Cancer Alliance: This organization specializes in prostate and gynecological cancers, delivering both inpatient and outpatient treatments. Memorial Sloan-Kettering Hospital: This New York City nonprofit has a number of specialty programs and satellite locations throughout New York and New Jersey. H. Lee Moffitt Cancer Center: The Florida-based nonprofit is considered to have one of the nation’s most leading-edge cancer facilities. Penn Presbyterian Medical Center: Operating out of Philadelphia’s University of... read more
by Life Credit Company | Nov 18, 2019 | Cancer Treatments & Therapies
Caregiving comes in many forms: nurturing a child, aiding an elderly parent through his or her final years or serving as a valuable support system to someone grappling with a serious illness. While all types of caregiving come with both their own pressures and rewards, the latter is often the most unknown and least often talked about—yet it can carry with it some of the greatest challenges. Cancer is among the many medical conditions that often necessitate a caregiver stepping in to help—with countless medical appointments, treatments, side effects and an overall major disruption to one’s routine, cancer patients often need all the help they can get. But, caregivers do as well. If you have someone in this role in your life and have wondered, “how can I help a cancer patient’s caregiver?” then this is the best time to ask that question. November is National Family Caregivers Month, a time when those who provided this valuable service are given just a fraction of the recognition they deserve. Apart from thanking the caregivers in your life, this is a good opportunity to also give them a bit more—as resources, knowledge, and support can be a lifesaving help for those who do so much to help others. 3 ways to give back to a cancer patient’s caregiver Introduce them to support groups: The American Cancer Society operates a comprehensive database of support groups for cancer caregivers. Connect them to these valuable resources so they can meet others with similar experiences. Research respite and adult care: Though many don’t realize it, cancer caregivers can and should take a break. Caring for... read more
by Life Credit Company | Nov 11, 2019 | Cancer Treatments & Therapies
Planning is essential for any major life experience: going to college, buying a house, having a baby. The same can be said for a cancer diagnosis. Preparing and staying organized before for cancer treatment is often overlooked yet a highly essential component of a person’s journey through and beyond cancer. From the day a diagnosis is delivered to the moment the news of remission comes, having a cancer care plan can make each step a bit easier. How do I prepare for cancer treatment? Proactively consider the different areas of your life that will be changed by your diagnosis, and then explore the options and opportunities that exist within each to make those changes more manageable. A personalized cancer care plan should include: Treatment: Among the most important aspects of a cancer care plan is treatment. This portion of the strategy should include research about healthcare facilities, physicians and different treatments available. Patients should education themselves about the most common types of cancer treatment, including the costs, side effects and recovery times. Finances: A personal cancer care plan should address the patient’s overall financial picture, including estimated costs for treatments, co-pays, and other medical expenses. If you are looking for financial assistance and loans that cover medical expenses, contact Life Credit for immediate assistance at 1-888-274-1777 Caregiving: Cancer can interrupt daily responsibilities, such as caring for children or elderly parents. A cancer care plan can address how those obligations will be handled during a patient’s treatment and recovery, including rotating schedules of family and friends willing to pitch in and a rundown of the daily responsibilities related to each caregiving relationship.Cancer patients may find that in... read more
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