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Life Insurance Loans: Where to Start?

July  13,  2015 in

When you or someone close to you has been diagnosed with cancer, you are quickly thrust into a world that few people are aware of – the world of constant appointments, testing, paperwork and treatment. Friends, colleagues and family members all want to help: they make casseroles and send flowers and leave awkward but well intentioned messages on the voice mail, and you understand that they want to help but they don’t know how.

One thing that people truly have no idea about is the bills – the endless and overwhelming copays and out-of-pocket expenses that start as a trickle during diagnosis and quickly turn into a flood during treatment. The cancer bills start out modestly – $50 here, $100 or even $200 there – but then once you start chemotherapy or radiation or surgery you’re suddenly looking at cancer bills that seem like they must be some kind of joke. Bills for several thousand dollars, and they just keep coming. Many patients report that they spend more time worrying about how they’re going to pay for cancer bills than whether they’re going to beat cancer. And that’s where life insurance loans can be a real lifesaver.

Life insurance loans provide a valuable source of financial assistance for cancer patients that few people are aware of. They provided people who have been diagnosed with advanced-stage illnesses a reasonable, stress-free way to pay their medical bills and have access to immediately available cash with a minimum of hassle. A life insurance loan is a loan against the face value of your life insurance policy. It offers you cash with no strings attached, with the added benefit of eliminating your obligation for making payments on your policy and still preserving your beneficiaries’ interest in any benefit that remains after the loan.

If you’re not certain about whether you qualify for a life insurance loan, the answer is fairly straightforward because the qualifications are extremely simple. They are available to those who:

  • Have been diagnosed with an advance-stage illness
  • Own one or more life insurance policies with a death benefit of at least $75,000
  • Meet the above-listed requirements with a life insurance policy that they have held for at least two years.

Life insurance loans are available from Fifth Season Financial for patients who have been diagnosed with a wide array of life-threatening illnesses, including cancer, congestive heart failure, COPD, ALS, MLS, and many others. The types of life insurance policies that qualify for a loan are comprehensive and include group coverage, individual term policies, universal policies and whole life policies. There is no requirement that any policy has a cash value – as long as the death benefit meets the minimum requirement of $75,000.00 and you have held it for more than two years, it is likely eligible.

A life insurance loan advances you monies with no out-of-pocket expenses and no need to make loan repayments during our lifetime. The lending company will assume your policy payments and continue to make them, and the loan is paid back from the proceeds of your policy at the time of your death. Any surplus still goes to your beneficiaries as set out within your policy, and in most cases beneficiaries do receive funds. And unlike many other programs that are offered to cancer patients, a life insurance loan places no restrictions on how you spend the money that you borrow – use it to pay debt, fund a vacation, provide for a grandchild’s college education or throw a huge party for your closest friends. Nobody is going to tell you that you can’t use the money in your life insurance policy to pay for whatever you want to spend it on.

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