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Frequently Asked Questions

Frequently Asked Questions

Fighting a serious illness presents more than enough complications in your life. That's why we're committed to keeping every aspect of our financial assistance program, Funds for Living Program for cancer patients and others with a late stage illness as a simple and honest alternative to viatical settlements.

We want you to clearly see that there are no hidden costs, requirements, or stipulations attached to receiving your financial assistance. The more you know about how our financial assistance program, Funds For Living, works, the better you and your family can make a timely and informed financial decision. Here are some of the most frequently asked questions we receive regarding how to leverage your life insurance policy with Fifth Season...but if you have any of your own, don't hesitate to call us toll-free at 866-459-1271 or you can email your question to info@fifthseasonfinancial.com. We look forward to helping you.

or call us toll-free at (866) 459-1271


The Funds for Living Program works like a loan, using your life insurance policy as collateral. However, unlike a standard loan like a mortgage or car loan, there are no monthly payments due and all costs are repaid out of the proceeds of the life insurance policy.

First, submit a no cost application to Fifth Season. We will then consider several factors to see if you qualify. There are three key requirements:

  • You have been diagnosed with a life-threatening or advanced stage illness, such as a late-stage (Stage III or IV) cancer, ALS, COPD advanced stage heart disease, Alzheimer’s, etc.
  • You own a life insurance policy with a total death benefit of at least $75,000, issued by a U.S.- based life insurance company. *$200,000 minimum for group policies.
  • You are a permanent resident of the United States.

We work with individuals who have many different diagnoses, including Stage III or IV cancers, ALS, COPD, advanced stage heart disease, Alzheimer’s disease, and other diseases. Typically those who qualify for the program have life expectancies of one to eight years.

The amount of the advance is based on several factors, including:

  • The projected life expectancy of the insured
  • The net death benefit of the life insurance policy
  • The projected amount of remaining life insurance policy premium payments
  • The type of policy and specific life insurance company. Once Fifth Season considers all factors, the advance you may receive is generally between 35 and 70 percent of the policy's death benefit.

Once we receive a complete application, set of medical records and a verification eligibility of your life insurance policy (with your approval, our team will help assemble these for you), the process takes about three weeks, but can vary.

Yes. Your credit rating, repayment ability and employment status are NOT factors we consider.

There are NO monthly payments. In fact, we also relieve you of having to pay your life insurance premiums by paying your policy’s future premiums for you.

There are no application fees or out of pocket expenses. Like all companies that provide loan services, there is a management fee. The management fee is no paid by you in cash. It is charged only after your loan is approved and actually funded to you. The management fee is added to the balance of the loan, to be paid solely out of the policy proceeds.

Interest rates vary by state. Please contact us for specific rates that apply to your case. The interest rate will be clearly identified in your proposal documents. Like the management fee, the interest rate is added to the balance of the loan and is paid entirely out of the life insurance death proceeds.

The loan advance is based on several factors, including:

  • The projected life expectancy of the insured
  • The size of the life insurance policy
  • The projected amount of policy premium payments
  • The type of policy and specific life insurance company

Once Fifth Season considers all factors, the advance is generally 20-70% of the policy's death benefit.

The full amount offered does not have to be accepted. We offer the maximum loan amount that we can make and you decide how much you would like to accept.

The funds advanced under the Funds for Living Program are generally not taxable. However, since each situation is unique and Fifth Season Financial does not provide tax, legal or financial advice; we recommend you speak with your legal, tax or estate planning advisor.

You will receive your advance in one lump sum either by check or direct wire transfer to your bank account.

We will pay future premiums on your life insurance policy. The premiums paid by Fifth Season will be added to the principal balance of the loan. In some cases, the terms of the insurance policy do not allow Fifth Season to pay premiums directly, in which case Fifth Season will reimburse the premium amount paid by the insured.

All advances, interest, management fees and premium payments are repaid out of the life insurance policy's death benefit. After that, all surplus funds are paid to your designated beneficiaries.

Yes, you can choose to pay back your advance (and costs incurred during the period, like premiums and management fees) at any time without any prepayment penalty.

We accept individual, group and employer-provided term or whole life insurance policies, and no cash surrender value is required. There are several requirements for eligibility, including:

  • Your life insurance policy must be issued by a U.S. based life insurance company
  • Your policy must be transferable or collaterally assignable to Fifth Season Financial
  • Your policy must have been issued more than two years ago
  • You must have one or more life insurance policy with a total death benefit of at least $75,000 and $200,000 minimum for group policies.

The beneficiary collects the remaining death benefit after the initial loan amount, the premiums, interest and management fee have been repaid. Participants in the Funds for Living Program have on average retained 82% of the face value of their life insurance policies. In the rare case, that the amount owed exceeds the outstanding balance, neither you nor your family is responsible to repay any shortfall on the loan.

If you encounter a more rapid disease progression, it may be possible to increase the advance amount upon re-evaluation. Should your medical condition unexpectedly improve or stabilize, your obligations and Fifth Season's obligations do not change.

A medical exam is not required. With your permission, we work directly with your medical providers to get your medical records and we pay for any costs associated with obtaining your medical records.

All information concerning your medical condition will remain strictly confidential. Access to your medical information is controlled and limited to Fifth Season employees, consulting physicians, other Fifth Season advisors who are subject to confidentiality obligations, and those other persons specified in the Confidentiality Agreement. Fifth Season is fully compliant with HIPAA (Health Insurance Portability and Accountability Act) regulations and standards, and is committed to protecting your privacy.

Our staff has years of experience and is dedicated to personalized, friendly, compassionate customer service with no pressure or sales pitch; you will never be treated as a number. Our core values of integrity, empathy, trust, privacy and confidentiality are embedded in every interaction.

We take the time to educate you on our program. We work with you and your specific needs to provide a financial solution that works best for you and your family. A dedicated Fifth Season Financial program manager or program director will work with you to ensure that you understand all facets of your case. In addition, Fifth Season Financial will manage all of the administration. We strive to make the process as stress free and straight forward as possible.

We were the first to pioneer this financial solution and have been providing funds to individuals with advanced stage illnesses since 2007. Since its inception Fifth Season Financial has provided financial assistance to over 650 individuals and has loaned individuals over 200 million dollars. We are a licensed consumer lender and an A+ member of the Better Business Bureau.

We are well-staffed with nearly two dozen industry leaders and consulting physicians who are experts in their fields.

Fifth Season has pioneered an innovative viatical settlement alternative for individuals with advanced stage illnesses, utilizing an asset that many own but don't realize they can access for cash: their life insurance policy.

Fifth Season will review your existing life insurance policy and determine if it can be used as collateral for an advance. Concurrently, our consulting oncologists and physicians will confidentially review your medical records to assess your medical status. If you qualify, Fifth Season will offer you immediate funds and will take over premium payments for your life insurance policy. We'll forward a detailed breakdown on how the advance is ultimately repaid, which does not need to occur in your lifetime..

The Funds for Living program is a specialty loan while a viatical settlement is the sale of your life insurance policy. A viatical settlement or policy sale will provide you with a one-time lump sum payment with no future benefits (even if your health changes or you pass away earlier than expected). The Funds for Living Program typically provides two payments, one to you now, and one to your beneficiaries later. Learn more

The Funds for Living program has some similarities to a Reverse Mortgage. Like a reverse mortgage, it works like a loan, does not have to be repaid during the borrower’s lifetime and the proceeds are not generally taxed as income or otherwise.

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