Term Life insurance is designed to only function for a set amount of time; unlike whole coverage, term does not accumulate cash value. If the set timeframe expires, the policyholder does not have access to any of the premiums he or she paid throughout its duration.
Many people view life insurance as a long-term solution, often just to be passed down to future generations. However, there is the potential for life insurance policies to have cash value that can be of vital assistance in a financial pinch, like those often faced by cancer patients.
Does Life Insurance Payout for Cancer?
When an unexpected financial challenge hits, you’ll have many questions: Should you tap into your savings? How can you access cash without getting into too much debt? Many dealing with cancer serious illnesses may consider a life insurance policy payout to reduce the risk of debt and ease financial burden.
Payout options depends on the type of life insurance policy you own. Policyholders need to first determine the type of coverage they have. Whole, or permanent, policies protect the holder for the entirety of his or her life, and accumulate cash value that can be borrowed against. The more you pay into the policy throughout your life, the more cash value it ultimately has.
Can you Borrow Money from Your Life Insurance Policy?
Life Credit’s Living Benefit Loans offer you an alternative to traditional life insurance policy payouts. Life Credit pays up to half of a person’s death benefit on his or her life insurance policy, regardless of the type of policy. Even if you are a term policyholder, you can borrow from your life insurance, if it has a value of at least $75,000.
The program is designed to provide immediate financial assistance to cancer patients and others dealing with serious medical conditions. Such challenges aren’t just a threat to one’s health but can also pose a serious financial strain. With Life Credit, cancer patients and others can easily and efficiently access the cash value of the life insurance policies they’ve paid into for years, in order to reduce their financial stress and focus on their health.
Contact us to learn how Life Credit’s Living Benefit Loans can help you manage medical emergencies and pay for high-cost treatments. Call us at 888-274-1777.