Financial Help for Cancer Patients is Here

Learn about financial help for cancer patients, life insurance loans, borrowing against your life insurance death benefit, viatical settlements, and many other topics. Life Credit Company thrives on being your resource when it comes to financial help for cancer patients.

What Is A Conversion Credit On Life Insurance?

A conversion credit offers policy holders the option convert a term life insurance policy to a whole life policy – turning temporary coverage – into permanent coverage. Instead of getting an entirely new policy to take advantage of the cash value of whole life insurance, many policyholders convert their term policy to whole. Doing so, however, will significantly drive up monthly premiums, which is why many insurance companies offer a conversion credit that typically reduces the premiums for the first year of the newly converted policy. That allows you to ease into slightly higher premiums before the full increase takes effect. Differences Between Whole and Term Life Insurance Policies A whole, or universal, life insurance policy is active for the policy holder’s entire life—as opposed to a set number of years for term policyholders. It also builds cash value that owners can cash out if needed. Many people opt for a term policy, especially if they sign up when they’re younger, because of its more affordable premiums; however, as you age and your income level ideally rises, it may benefit you to consider a conversation credit and moving to a whole policy. However, for those who are already contending with a medical crisis, any type of additional expense may be a challenge, which is why a Life Credit Living Benefit Loan may be a more sensible and affordable option. Alternatives to a Cashing Out Your Life Insurance Policy Life Credit works with clients who have all types of life insurance but, for those who are exploring other options of drawing on their policy for financial support, they’ll likely want to... read more

Does Term Life Insurance Have Cash Value? 

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... read more

Can You Get Life Insurance After A Cancer Diagnosis?

Can you get life insurance when you have cancer? That’s a question many patients ask themselves after a diagnosis, as they grapple with the reality that the future is uncertain—and they want to support and prepare both their families and themselves. Life insurance can be a valuable financial tool for cancer patients, with some policies that build cash value and others that allow beneficiaries to pay for final expenses in the case of a terminal diagnosis. However, it can be hard to envision such an outcome, especially when you’re young and healthy, which is why many people find themselves in the position of being diagnosed with cancer and not having life insurance. What are Your Life Insurance Options After a Cancer Diagnosis? Speak to your insurance provider and ask, can you get life insurance when you have cancer? Policies vary among companies, but it is common for those currently undergoing treatment, or who have been diagnosed within the last few years, to be ineligible for traditional term or whole life policies; depending on the company, however, they may allow them to purchase a policy but at a much higher rate. Consider a final expense policy, which is geared toward terminal patients who want to help provide for their families in their final days. Explore guaranteed issue life insurance policies. A guaranteed issue life insurance policy is a type of whole life insurance that does come with a much higher price tag and less coverage—but can be a good option for patients who’ve been denied access to other types of policies. There is no medical exam involved and applicants don’t... read more

5 Benefits of a Living Benefit Loan

A living benefit loan can be a literal lifesaver for people facing critical illness. And, for those facing a terminal diagnosis, it can help ease the pain of their last days. Cancer and other serious medical illness can be a major financial obstacle: Some estimates are that more than 4 million Americans are suffering from financial stress related to cancer. What is a living benefit loan? Life Credit’s Living Benefit Loan program allows those with at least $75,000 in life insurance coverage to borrow up to half of their life insurance policy’s death benefit—no credit checks, no restraints, and no expectations. Here are just a few of the advantages a living benefit loan can have for you and your family: Zero loan payments: The policyholder has no obligation to personally repay the loan; the policy’s survivor benefit is responsible for the loan, and beneficiaries will then receive the rest of the death benefit. And, because the loan is secured by your life insurance coverage, you don’t need to offer collateral. Fast turnaround: A living benefit loan is a way for those in serious financial straits from a medical crisis to get cash fast. Medical bills for therapies, medications, and treatments can pile up quickly and can threaten to overwhelm someone who is already dealing with life or death matters. Instead of jumping through lots of hoops and red tape, clients typically receive their funds within three days of application. No premiums: Once you receive a living benefit loan, you can say goodbye to your insurance premiums, which allows you even more cash to help with your expenses. Flexibility: Life... read more

How to Avoid Bankruptcy After Cancer

High healthcare expenses are a problem for even the healthiest individuals, but when you introduce a serious medical crisis like cancer, the price tag can skyrocket, financially crippling people around the world. From small payments that add up over time like co-pays to big-ticket bills for procedures such as surgery or ongoing prescription-drug treatments, cancer and bankruptcy are unfortunately becoming synonymous. What is the Average Debt from Cancer? The average debt from cancer is staggering. According to new research published in The American Journal of Medicine, more than 42% of patients spent their entire life savings within the first two years of treatment, an average of $92,098 per person. An overwhelming 62% of patients report some level of debt following treatment, with 55% accruing at least $10,000 in debt. In one study, more than half of patients reported extreme financial complications from cancer treatment, including house repossession and relationship breakdowns, as financial stressors complicate all facets of one’s life. Cancer’s Financial Burden Cancer and bankruptcy are all too common. According to a study published in the Chicago Tribune, cancer patients are more than twice as likely as healthy Americans to declare bankruptcy. In that same research, 16% of patients reported “overwhelming financial distress,” while nearly 40% said they weren’t prepared for the financial burdens their cancer diagnosis brought. A number of factors may be fueling the growing average debt from cancer, such as tightening restrictions on what prescription drugs insurance carriers will cover, rising deductibles and increasingly narrow networks of doctors and hospitals, which prompt some patients to seek better treatment — albeit much more costly — elsewhere. Life... read more

Are There Risks for Cancer After a Transplant?

Patients who undergo an organ transplant are likely eagerly awaiting the day they’re given the good news that their transplant was a success and that they can begin to head down the path toward recovery. However, getting right back to normal isn’t always the best approach, as cancer after transplants is a serious concern that patients and their physicians need to be vigilantly seeking to prevent. Increased Risk for Cancer Cancer in transplant patients is nearly twice as common—and, by some estimates up to 100 times—as the rate of diagnosis in non-transplant patients. While research continues into the reasons, many studies have suggested the link between transplant patients and cancer lies in the immunosuppressive medications transplant patients take to help their body adjust to the transplant. While these regimens are highly successful at preventing the body from rejecting the new organ, they also greatly weaken the immune system, which can leave cells open to cancer infection. Another hypothesis is that immune-suppressed people are at greater risk than others for certain viral infections, which may also play a role in promoting cancer growth. The Risk of Skin Cancer While cancer in transplant patients can span many different types, skin cancer is among the most common, particularly cutaneous squamous cell carcinoma, a less common type of skin cancer among the general population. Basal cell carcinoma and melanoma, the most deadly type of skin cancer, are also seen more often in transplant populations. What Can Be Done to Prevent Cancer After Transplants? First, patients should be educated on the risks of transplants before their surgery; while few would avoid the potentially lifesaving... read more