Can I use my Annuity or Life Insurance Living Benefit to Pay for Cancer Treatment?

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:

  1. 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.
  2. 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.
  3. Incremental Financial Payout – Living benefit annuities typically are divided into the initial investment, known as the income base, and the value of your investments, called the account balance. Investors can withdraw the account balance at any time, but will incur hefty fees; the income base, however, can only be drawn upon if it’s converted into incremental amounts to be paid out over the remainder of one’s lifetime.

In other words, a living benefit annuity may be a good option for those planning for retirement and those who have a nice cushion, but it doesn’t offer much assistance in an emergency situation, medical crisis, or as effective financial assistance for a cancer patient.

Can I Pay for Cancer Treatments Using my Life Insurance’s Death Benefit?

Yes, you can borrow from your life insurance’s death benefit and use it as a cancer loan! Life Credit provides financial assistance for cancer patients and those with terminal illnesses. Unlike a living benefit annuity, Life Credit’s Living Benefit Loan Program pays the full eligible cash amount outright and not in increments. That’s especially important for individuals who are facing extremely high medical bills and other financial challenges that need immediate attention.

How does the Living Benefit Loan Program work?

LIving Benefit Loans were designed to provide finical help to individuals dealing with medical diagnoses like cancer who needed emergency financial assistance. Our company works with patients’ life insurance carriers to loan up to half of the life insurance’s death benefit for those with at least $75,000 in life insurance.

A loan for medical crisis is possible. It is important to take inventory of your personal finances and consider your future financial challenges as a cancer patient. Financial resources like Life Credit can help, contact us to learn more and see if you qualify for your Living Benefit Loan today.

Life Credit Company

We are a licensed consumer lender that is dedicated to providing financial assistance for patients who are facing serious illness. With a Living Benefit Loan, from Life Credit Company, you can receive up to 50% of your life insurance policy’s death benefit today. Whether you need to catch up on medical bills, consolidate debt or take your family on a dream vacation, this is your money to spend without restrictions. If you have at least $75,000 of life insurance and have been diagnosed with cancer or other serious medical condition, you may qualify for a loan. Contact us today to speak with a professional counselor who is standing by to assist you.

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