by Life Credit Company | Jan 11, 2018 | Understanding Your Life Insurance Policy
Many Americans are familiar with the concept of a death benefit, or the amount paid out from your life insurance policy after your passing. However, fewer people are as aware of the idea of a living benefit, which can be just as crucial to a family during a loved one’s final days. Living Benefits on Life Insurance Defined A living benefit is a portion of a person’s death benefit from their life insurance company, typically granted to an individual when he or she is facing a terminal prognosis. Living benefit programs vary depending on the provider but most require the insured to provide proof of an illness that is expected to claim his or her life within 24 months. If the applicant is approved, living benefits typically range from a quarter to 100 percent of what the policy’s death benefit amounts to and can be used for whatever the policyholder needs. The individual may choose to use the funds for medical care, or to plan ahead for funeral or other end-of-life expenses. Planning for the Future The prospect of a terminal illness is a frightening one that many people don’t want to seriously consider when making plans for their future. Because of that fear, some may miss out on the opportunity to add a living benefit rider to their life-insurance policy, and many companies won’t approve such additions, even in an emergency situation. Closing that gap is a goal of Life Credit Company’s living benefit loans. Such loans allow applicants to receive a portion of their insurance policy’s death benefit while still living. Since the program does not require...
by Life Credit Company | Dec 28, 2017 | Understanding Your Life Insurance Policy
Under normal circumstances, finding the money for emergency home repairs is a challenge; factor into the equation a cancer diagnosis and that challenge may seem insurmountable. That’s where Life Credit Company comes in. Our living benefit loans provide vital financial help for cancer patients, allowing them to manage day-to-day expenses with a clearer mind — ultimately enabling them to focus on their physical health. From combatting a leaky roof to paying down medical bills, these Life Credit testimonials shed light on the many ways our programs help cancer patients get on the path to financial health. “Hi, I’m Rebecca from Houston, Texas, and I’ve been battling cancer for four-and-a-half years. This past fall I was diagnosed with stage four cancer. Because I was not able to work full-time continuously during this four-and-a-half years, both mine and my husband’s credit took a hit. This past spring we had leaks in our roof and turns out we needed a new central AC unit. Because of our credit, we were not able to get a loan and we had gone through our life savings. So, I started researching and looking for alternatives. Through that, I found Life Credit and I looked into them. I am a former fraud analyst with a national bank and my husband is a police officer, so we’re naturally skeptical people. I researched thoroughly Life Credit and found absolutely nothing negative. I went through the Secretary of State, Better Business Bureau and I really thoroughly researched them. I called and I did speak to Craig initially and he answered all my questions. When I was ready to commit,...
by Life Credit Company | Dec 7, 2017 | Understanding Your Life Insurance Policy
When you’re searching for financial help for cancer patients, one of your top priorities is likely making a connection with a company you can trust. Though you may explore an organization’s ratings or read articles about its work, one of the best ways to gauge the reputation of a company is by hearing directly from its clients. The following Life Credit testimonials provide firsthand accounts from people just like you and your loved ones: They know the challenges of a cancer diagnosis, and the impact it has on all facets of your life. They’ve also found comfort and confidence in the financial peace of mind Life Credit can provide. “Life Credit is a company where you’re able to borrow against your life insurance policy and live for today. Yes, I know I don’t look like it, but I have terminal cancer. And because of Life Credit, I’ve been able to live my life to the fullest. I thank them so much for all the dedication and hard work and a stress-free process. If you need Life Credit, please give them a call.” — LaBonnie “Life Credit Company was a wonderful company to go through. They worked through a difficult marital situation and got me everything I needed. I really appreciate them so much. Thank you.” — Tamara “My name is Joselito Padama and I was diagnosed with lung cancer in May of 2014 and, suffice it to say, the event was life-changing. Right from the very beginning, it took a toll on our family finances so I searched the Internet for relief and help. I found this company called...
by Life Credit Company | Mar 12, 2015 | Understanding Your Life Insurance Policy
When should you borrow against life insurance and how does that work? There are a lot of factors to consider and we can help you find answers to some of the most common questions about life insurance loans. The first question is whether the policy actually can be borrowed against when you are trying to borrow money from your insurance carrier. Term life cannot because it is for a specified time and expires. It also doesn’t accumulate any cash value. However, whole life and universal life policies do build cash value over time. Getting Familiar With Life Insurance Loans The longer you’ve had the policy, the more cash has had a chance to build up in it. You may want to consider other loan sources first — a home equity line of credit, for example, can feature very reasonable interest rates. But other loan sources come with a catch: you have to make regular payments on them, which can be difficult depending on circumstances. That isn’t true with a loan against life insurance, because the insurance policy acts as collateral against the loan. You don’t have to make payments. Consider the circumstances, such as the speed with which the borrower needs the money and whether they qualify for other loans. A loan against life insurance can be extremely convenient because it does not rely on the credit score of the borrower. That may sound too good to be true but it is true: the lender is protected against default by using the insurance policy as collateral. Life insurance loans also have another advantage: the loans are tax-free. And there is no restriction or...
by Life Credit Company | Feb 20, 2015 | Understanding Your Life Insurance Policy
AVOID COSTLY MISTAKES If you have been diagnosed with a terminal illness, then you may be eligible to receive a cash advance against your life insurance policy’s death benefit. Referred to as an Accelerated Death Benefit or Living Benefits rider, this feature can provide you with the cash you need while still preserving part of your life insurance policy’s death benefit for your family. Our Free Report will help you answer the following questions: – Does my policy have an accelerated death benefit rider? – How much of a cash advance am I eligible to receive? – Do I qualify for an accelerated death benefit? – How do I correctly file my claim? – What are my options if my claim is rejected? Click on the link below to download your Free Report. Life Credit CompanyWe 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.More Posts Follow...
by Life Credit Company | Feb 15, 2015 | Understanding Your Life Insurance Policy
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...
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