by Life Credit Company | Jul 24, 2019 | Cancer Research & News
Sarcoma is called the “forgotten cancer,” as it’s a form of the disease that is much more rare than others, and because of that, it often doesn’t get the attention it should. However, although it’s less common, sarcoma can still pose a serious risk to someone’s health, so it’s important to be educated about the condition. July is a perfect time to do that, as it’s Sarcoma Awareness Month. What is Sarcoma Cancer? Before you can dive in and do your part to encourage sarcoma awareness, it’s helpful to first understand what the condition actually is. Sarcoma is a type of cancer that can be found anywhere in the body and typically is defined as either soft tissue or bone, with dozens of different categories of each. Sarcomas are often difficult to detect and diagnose, though they unfortunately claim more than 6,500 American lives every year, with more than 15,000 new diagnoses each year in the United States, according to the National Foundation for Cancer Research. How Can I Promote Sarcoma Awareness? Keeping those statistics in mind, spreading sarcoma awareness can be a vital tool in helping to save lives. Here are five important things you need to know — and that you should tell others in your life! — about sarcoma cancer: Most sarcomas have no known cause: Unlike other forms of cancer, there are no known risk factors for sarcoma. However, certain genetic conditions such as Gardner syndrome or lymph-system damage can enhance the risk, and exposure to radiation, certain herbicides and other chemicals are also thought to play a role. Sarcomas are rare among adults, but... read more
by Life Credit Company | Jul 16, 2019 | Understanding Your Life Insurance Policy
Life insurance is often considered as a means to help loved ones pay for your final expenses; however, situations may arise that would make having access to those funds prior to your passing the smartest financial option. Life Credit’s Living Benefit Loan Program allows you to borrow against your life insurance policy’s death benefit in order to cover cancer care and other pressing financial obligations. Another option is a settlement called a viatical, life insurance can be sold to another party. There are pros and cons to viatical settlements, which each person needs to carefully consider before choosing the path that’s right for them. What happens under a viatical settlement? This is an option that can only be considered when someone is diagnosed with a terminal illness, typically with a life expectancy of less than two years. In this case, the person may want to access the funds to take care of end-of-life planning, such as home care or hospice. Consulting with your medical team to have them assess and document your prognosis should be one of the first steps anyone should take who is considering a viatical settlement. Other factors to consider are the length of your policy — viatical life insurance settlements usually only apply to policies older than two years — and whether the policy was issued by a licensed and insured provider. The value of the policy is also a major consideration, and one that involves its age, the cost of the premiums and the unique health circumstances of the policyholder. What happens under a viatical settlement is that the buyer will often agree to... read more
by Life Credit Company | Jul 8, 2019 | Understanding Your Life Insurance Policy
Life insurance policy riders can be vital tools for protecting yourself and your loved ones, adding extra value to your policy. There are many different types of riders, and all are designed to meet specific needs, allowing you to custom-build a policy to your unique circumstances. Many riders are incorporated into an insurance policy upon initial purchase, but some life insurance companies may allow you to add on riders throughout the duration of your policy. As always, consult with an insurance professional to determine which rider may be best for you. Here are five of the most common life insurance policy riders you may want to consider to ensure you’re getting the most out of your policy: 1. Long-Term Care Rider: Life insurance with a long-term care rider enables you to draw upon your policy’s death benefit long before you pass away. You can use the funds for assistance with care, such as paying for a home-care nurse or for living expenses at a nursing home or assisted care facility. Typically, eligibility requirements mandate that policyholders be unable to perform a number of daily tasks by themselves, such as dressing or eating. This type of rider can be an effective way for policyholders to avoid having to drain savings or retirement plans and also ensure they can benefit from their policy while still alive. 2. Living Benefits Rider: This type is another of the life insurance policy riders that allows you to access your death benefit before you pass. In order to qualify, you usually have to have a chronic or terminal illness; if approved, you can use the... read more
by Life Credit Company | Jun 10, 2019 | Financial Assistance for Cancer Patients
It’s no secret that cancer care is expensive: From treatment to medication, the financial side effects of a cancer diagnosis are often, unfortunately, one of the first things patients worry about when considering their care. However, on top of the cost of medical treatment, there are a number of hidden, indirect costs of cancer that often significantly drive up the price tag of treatment — and for which patients should be ready. What are some of the Indirect Costs of Cancer? Loss of or Reduced Work Hours: When someone is being treated for cancer, his or her lifestyle may be completely upended. If they’re working-age, they may need to take an extended leave from their job, reduce their hours (and, subsequently, their income) or could lose their position altogether. While disability may be an option for some, it won’t entirely close the gaps caused by lost wages. Childcare: While the person battling cancer is the focus of any treatment plan, there are likely many other people who will be affected. For instance, if the patient has children, there needs to be attention given to childcare: With long hours spent at therapy and even more hours spent recuperating from treatments or surgery, caring for a child at the same time is impossible. That means many parents need to line up after-school sitters or arrange for new transportation to and from school or extracurricular activities — all indirect costs of cancer that few people consider. Personal Caregiver: If a cancer patient is older or doesn’t have a strong support system nearby, he or she may also need to consider caregiving options... read more
by Life Credit Company | Jun 3, 2019 | Cancer Treatments & Therapies
While a cancer diagnosis of any kind brings with it a wealth of financial worries, not all types of cancer are the same — so the cost of cancer treatment can vary greatly. Costs depend on a number of factors, such as the method of treatment — radiation therapy versus chemotherapy versus surgery, or sometimes a combination of all of these approaches. Costs also impacted by the type of imaging needed, the extent of the medication regimen, length of hospital stays and level of home care required, as well as many other considerations. Despite many differences, the cost of cancer treatment is often very significant, no matter the type of cancer, which is why it’s important for patients to have an idea of total costs before starting treatment, so they can be prepared and also explore all of the options for financial assistance for cancer patients. Here are some of the projected costs for treatment of the most common forms of cancer: Breast Cancer NCI predicts women diagnosed with breast cancer will pay a mean of $23,078 in the first year after diagnosis, followed by annual costs of $2,207. If the diagnosis ends up coming within the patient’s last year of life, the cost is a staggering $62,856. Prostate Cancer For men diagnosed with prostate cancer, NCI estimates they will pay $19,710 for the cost of cancer treatment in the initial year, followed by annual costs of $3,201. If it is a late-stage diagnosis and the patient dies that year, the projected cost of care is $62,242. Lung Cancer Lung cancer is among the more costly types of cancer.... read more
by Life Credit Company | May 16, 2019 | Understanding Your Life Insurance Policy
If you’re considering purchasing life insurance or are exploring ways to maximize the benefits of your policy, you’re likely looking to answer the question, how does life insurance build cash value? A policy’s ability to accumulate cash value over the years can provide a significant benefit to a policyholder, as he or she may be able to tap into these funds in case of emergency or can use them to pass along to heirs. While many nuances that determine a policy’s cash value, there are some standard protocols that most insurance companies follow: Term vs. Permanent: One of the first things you have to determine when looking to answer how does life insurance build cash value is what type of policy do you have? For instance, term life insurance is only applicable for a certain period of time and does not acquire cash value while permanent life insurance does. If you think you may want to take advantage of the cash-value option, you’ll need to explore the best permanent life insurance policy for you. Type of Policy: There are a number of different permanent life insurance policies that build cash value, all in varying ways. Whole life policies lock in a rate of growth, which the company and policyholder agree to and which doesn’t change, while universal policies rely on current interest rates to determine the growth. Another option is variable, in which the funds are invested and cash value grows according to the success of the investments. Premium Payments: Cash value starts to build through the policy holder’s premium payments. Typically, insurance companies divert the payments into three distinct... read more
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