Life Insurance Payouts and Cancer Patients

From grants to loans and everything in between, financial options for cancer patients are wide-ranging, and widely needed. As medical bills mount and working hours are restricted, cancer patients and their loved ones often start exploring ways to stabilize what can be shaky financial footing. One option that can be complex, yet valuable, is a life insurance policy.

Can Your Life Insurance Policy Help You Access Cash Fast?

    1. Know what type of life insurance policy you have.
      Term life insurance protects the holder for a set number of years. The individual pays premiums during that time and, should anything happen to him or her in that timespan, the policy holder’s beneficiaries would receive an agreed-upon benefit. However, if the person lives past that expiration date, the coverage stops and the holder receives no benefit.Permanent life insurance policies cover a person throughout his or her entire life, builds cash value, and pays out a lump-sum benefit upon his or her death. It often requires a larger investment than a term policy but comes with the guarantee of a payout.
    2. Find out if your policy has a cash value. 
      If you are considering a payout from your life insurance policy, then you must the policy must have cash value. A whole life insurance policy it is likely you have build up a cash value.
    3. Check your policy for an accelerated death benefit rider. 
      Some insurance companies will allow for cash advances, also known as an accelerated death benefit, in which a portion of the person’s death benefit is paid out while he or she is still living. Such an option often requires a terminal prognosis and other eligibility factors. The availability of such programs also depends on how the policy itself is written.
    4. Borrow against your death benefit in the form of a loan.
      Insurance companies may also offer the opportunity to borrow against your death benefit in the form of a loan. This route can provide emergency financial assistance for cancer patients, though patients should think seriously about the implications for their beneficiaries, who would be responsible for repayment should he or she pass before the loan is repaid
    5. Ask Life Credit about a Living Benefit Loan.
      Licensed consumer lenders, like Life Credit Company, can offer the opportunity to borrow against your life insurance policy for cash assistance. Living Benefit Loans let cancer patients tap into their policies quickly and smoothly to access funding that can be used for a range of vital needs.

Life insurance is an investment that you may have paid into for years, so shouldn’t you be able to access it when you’re in a pinch? Contact us to learn how Life Credit’s Living Benefit Loans can help you  manage medical emergencies and pay for high-cost treatments, A smart financial plan can help you navigate the often-costly journey of a cancer diagnosis so you can concentrate on preparing for the future. Call us at 888-274-1777.

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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