Many cancer patients find that the financial battle is bigger than they anticipated. You may have wanted to borrow against life insurance policy, but were worried how it would affect your family. Is it worth considering? That might depend on circumstances, which can change from the time the policy was originally set up. Beneficiaries can be older and needing less life insurance as a safety net, for example.
Money for Cancer Patients
A cancer patient’s need for money can also be temporary – depending on your finances, your health insurance and your health situation. But one piece of the puzzle is how the money is made available to you.
If you have permanent life insurance, you may be able to borrow against your life insurance policy. Term life insurance, on the other hand, pays out only when the insured dies within a specified time. Permanent life insurance includes whole, universal, variable and variable universal.
Can You Borrow Against Life Insurance?
There may be a number of ways to access the cash in your policy, by selling it, for example. In that scenario, the buyer becomes the beneficiary. We do things differently. Life Credit structures our loans to keep them simple and safe. You never have to make any payments—proceeds are taken from the death benefit. And the beneficiaries you have already selected remain the beneficiaries. Best of all, there are no restrictions on what you do with the money. We make it possible for you to be in the driver’s seat when you borrow against life insurance.
Call us at 1-888-274-1777 to learn more about our Living Benefit Loan program for cancer patients and other seriously ill patients. We have trained counselors standing by who can help answer questions about how to borrow against life insurance and get the money you need now.