*Sponsored – All opinions are those of an FCS Team Member
Cancer knows no boundaries. It’s the most feared word to come out of a doctor’s mouth. It’s the hardest word in the world for a patient to hear. Granted the treatments for cancer have come oh-so-far, but those treatments come with a price tag. A price tag that one often can’t afford – often robbing people of all their resources.
Luckily, when my father-in-law was told that he had cancer, three times now, he had good insurance. Some of the treatment expenses weren’t covered though. Like the PET scans that he had to undergo twice, at a tune of over $3500 for each one – weren’t covered. And luckily he had retirement funds to tap into – of course at a price for doing so – to help with those expenses. But what if he hadn’t?
Seriously, what if he hadn’t? Being married he and his wife made way too much money to qualify for financial assistance through the treatment centers. State assistance programs couldn’t be tapped into for the same reason. There are so many cancer patients that fall into this category.
That said, should one find themselves in need of financial assistance – especially those that don’t have good medical insurance, or the elderly that aren’t able to pay for a Medicare Gap policy, there may still be a way to pay for expenses through tapping into their life insurance policy.
The company called the Life Credit Company assists one in doing just that. They provide individuals with what are called Living Benefit Loans.
About the Life Credit Company
We are a licensed consumer lender that provides unique financial solutions to the cancer community. In December of 2012, we launched the Living Benefit Loan Program, which has already delivered over 15 million dollars of funding and improved the lives of countless individuals.
How Can the Life Credit Company Help?
The Life Credit Company provides Living Benefit loans through tapping into one’s life insurance policy to cancer patients and those with other serious medical conditions. Furthermore, one does not lose their life insurance and their beneficiaries remain the same. Loan proceeds can be used by the borrower for any purpose without restriction.
Criteria for a Living Loan
If one has at least $75,000 of coverage and has been diagnosed with cancer or another serious medical condition, you may qualify for a life insurance loan.
How Much Money Can They Loan?
A Living Benefit loan makes it possible for cancer patients to receive up to 50% of their life insurance policy’s death benefit today without any loan payments or incurring any out-of-pocket expenses.
Example – if you have $100,000 of coverage, they can loan you up to $50,000 secured solely by your policy.
How is the Loan Paid?
The Living Benefit Loan is repaid from the policy’s death benefit proceeds with the remainder going to the insured’s family.
Future Premiums are Paid
They even cover all of the policy’s future premium payments.
Life Credit Company Perks
- A FREE No-Obligation Consultation
- No personal liability
- Quick Loan Approval – Loans are approved within 3 days upon receipt of a completed application
- Types of Policies accepted – term, group, universal, FEGLI, variable and whole life insurance (to name a few)
- One’s credit doesn’t matter – there are no credit checks
- No spending restrictions – one can pay off bills, consolidate bills, take a vacation
What are your thoughts on Living Loans? I think that they are a great alternative when in need. I’d much rather lose part of my life insurance benefit over losing my home or having to take out a personal loan to repay the debt incurred from a medical illness.
Of course, everyone’s circumstances are different, and before jumping into anything, it’s important that one is fully educated on all the details of a Living Loan and how it would effect their financial situation.
What are your thoughts on these Living Loans?