by Life Credit Company | Apr 10, 2020 | Financial Assistance for Cancer Patients
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
by Life Credit Company | Apr 6, 2020 | Financial Assistance for Cancer Patients
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
by Life Credit Company | Mar 18, 2020 | Financial Assistance for Cancer Patients
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
by Life Credit Company | Mar 18, 2020 | Uncategorized
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
by Life Credit Company | Mar 18, 2020 | Uncategorized
We know March to be home to holidays like St. Patrick’s Day, but the month is also a time for more serious occasions, such as raising kidney cancer awareness. Although this cancer, also known as renal cell carcinoma, is among the 10 most commonly diagnosed cancers, it’s one that is much lesser-known. That’s why Kidney Cancer Awareness Month seeks to shed light on the risk factors for the disease, as well as the kidney cancer treatments available. Here are five facts to raise your own kidney cancer awareness this March: Men are affected more often than women: One in 48 men is at risk for developing the disease, but just one in 83 women is affected. Age plays a factor: Kidney cancer is extremely uncommon in younger people. The average age of diagnosis is 64, and it’s very rare for someone to be diagnosed under the age of 45. Treatment can be expensive: Kidney cancer treatment most commonly centers on surgical removal of the kidney, also known as a nephrectomy. Without insurance, this procedure may cost anywhere from $15,000 to $75,000 and could be about one-third for a negotiated insurance price. For patients who are not good candidates for surgery, they may opt for drug treatment, a full course of which can cost $60,000-$80,000. New therapies are emerging: Several new oral therapies have recently been developed for kidney cancer treatment, and some have been shown to reduce toxicity and double the length of survival time compared to other therapies. However, these new therapies are more expensive and studies have shown that the higher price tag, coupled with other costs... read more
by Life Credit Company | Feb 19, 2020 | Understanding Your Life Insurance Policy
There are a number of factors that go into creating an individualized life insurance policy, including the policyholder’s age, social habits, past medical history, and health risks. An insurance company will weigh all of these aspects to determine if it wants to insure the individual and, if so, at which rate. Most people have no problem being accepted into a plan but others may face challenges because of their histories or lifestyles that means they have to consider high-risk life insurance. So, just what is high-risk life insurance? What is High-Risk Life Insurance? This term refers to a policy assigned to someone deemed a high risk. Several factors can influence this determination, such as whether the person has a dangerous job or hobby, has a history of risky habits or has been diagnosed with a serious illness. For instance, an occupation such as a firefighter may put someone into the high-risk category, as insurance companies evaluate both the rates of death and injury for such an occupation as well as the company’s own history of insuring people who work in this field. A hobby such as skydiving is another activity that could mean the person has to invest in high-risk insurance. Smoking is one of the most common high-risk habits and one that many people attempt to kick before applying for insurance; typically, most insurance companies will offer a lower rate to applicants once they’ve been smoke-free for at least a year. High-risk diseases are those considered the most serious and life-threatening. For instance, asthma or controlled anxiety or depression shouldn’t affect a person’s ability to get insurance, but... read more
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