Basic Requirements
You Need:
- ✓ A life insurance policy with $75,000+ death benefit
- ✓ Active policy status (not lapsed)
- ✓ You must be the policy owner
- ✓ A serious or terminal health condition
You Don't Need:
- ✓ Good credit score — no credit check
- ✓ Cash value in your policy
- ✓ Employment or income verification
- ✓ Collateral beyond the policy itself
Eligibility by Policy Type
| Policy Type | Eligible? | Notes |
|---|---|---|
| Term Life | ✓ | Most common policy type. Fully eligible. |
| Whole Life | ✓ | Eligible. You may also have cash value to access separately. |
| Universal Life | ✓ | Eligible including indexed and variable universal life. |
| Group Life (Employer) | ✓ | Eligible if death benefit ≥ $75,000. Portability may apply. |
| FEGLI | ✓ | Federal Employees Group Life Insurance. Basic + Optional eligible. |
| Variable Life | ✓ | Eligible. Death benefit must meet minimum. |
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Special Situations
Multiple Policies
If you have multiple policies, you can potentially access each one separately. For example, a term life policy from your employer AND a personal whole life policy could both be eligible.
Policy in Grace Period
If your policy is in a grace period (late on premiums but not yet lapsed), you may still qualify. Time is critical — contact us immediately before the policy lapses.
Policy with Existing Loans
If you have an existing policy loan, the available death benefit is reduced by that amount. You may still qualify if the remaining benefit exceeds $75,000.
Recently Converted Policies
If you recently converted a term policy to permanent, the new policy is eligible as long as it's active and meets the minimum benefit.
Detailed Guides by Policy Type
Frequently Asked Questions
What types of life insurance qualify?
Term life, whole life, universal life, variable universal life, group life, and FEGLI all qualify, as long as the death benefit is at least $75,000.
What is the minimum policy size?
The minimum death benefit is $75,000. There is no maximum.
Does my age matter?
There is no specific age requirement. Living Benefit Loans are designed for individuals with serious or terminal health conditions.
Can I qualify if my policy is about to lapse?
Potentially. If your policy is in a grace period but hasn't lapsed yet, you may still qualify. Contact us immediately.
Do I need to be the owner?
Yes. You must be the policy owner or have an irrevocable assignment. Beneficiaries cannot apply on someone else's policy.
Further Reading
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