A smarter way to get cash from your life insurance policy

23 Sep A smarter way to get cash from your life insurance policy

Posted at 10:00h in Finances, Practical Tips by Triage Cancer

A cancer diagnosis can often take a financial toll on the patient and their loved ones. A 2009 study found that medical bills and illnesses are involved in over 62% of personal bankruptcies. Upon diagnosis, out-of-pocket costs immediately begin to accumulate. Prescription medication, doctor’s fees and surgeries can be financially overwhelming, especially when the family’s primary provider is diagnosed.

When facing financial hardship patients will often cut back on other expenses, tap into savings, run up credit card debt and liquidate assets. While it is often looked upon as an expense, your life insurance policy can actually be one of your largest sources of cash available today.

There are companies out there to assist you with reviewing your policy and figuring out what your options might be. For example, Life Credit Company, is a company that offers the Living Benefit Loan™ program.

As a licensed consumer finance company, Life Credit Company has developed a new way to get cash from your life insurance policy. A Living Benefit Loan™ enables you to borrow money against your life insurance policy without the personal obligation to repay. Upon your passing, the loan is repaid using your policy’s death benefit proceeds, with the remainder going to your beneficiaries. You will never be obligated to make loan payments or incur any out-of-pocket expenses. You are not required to pay insurance premiums while you continue to keep ownership of your policy. As a result of this program, you can get the money you need today, while preserving a portion of your life insurance policy for your beneficiaries.

If you have an immediate financial need that can only be solved with your life insurance policy, consider exploring these options before pursuing a Living Benefit Loan™:

Call your insurance company and ask them if your policy has any cash value. You may be able to use some of the cash value to meet your immediate needs and keep your policy in-force for your beneficiaries.
Find out if your life insurance policy has an accelerated death benefit rider. An accelerated death benefit is a benefit that allows you to receive a portion of your death benefit directly from your life insurance company if you have been diagnosed with a terminal illness.

If your policy doesn’t have a cash value and you don’t have an accelerated death benefit, a Living Benefit Loan™ might be exactly what you need to help with your financial demands.

For more information about the Living Benefit Loan™ program visit www.LifeCreditCompany.com.

Life Credit Company, LLC is a licensed consumer finance company providing life insurance policyholders with access to funds via a Living Benefit Loan™. Having facilitated over $250 million of loans, our team has the experience and resources to effectively assist you.

This blog is for informational purposes only. It is not intended to replace professional, legal, or medical opinions or advice. It is not Triage Cancer’s intent for persons to rely upon information on this site in lieu of legal or professional advice. We do not endorse any companies, treatments, brands or manufacturers of any materials used for the sale of products, policies, diagnosis, or treatment of any condition. Any opinions expressed within this site are the opinions of the writers and not those of Triage Cancer. Reliance upon anything written by any person associated with Triage Cancer and/or within this site is solely at your own risk.