A diagnosis of a life-threatening illness raises numerous concerns—including financial ones. The costs of treatment for cancer, ALS, and other serious health conditions can mount quickly, leaving families searching for funds.
When most people think about their assets, they think about savings accounts, investments, and real estate, but there’s one asset that many people aren’t even aware they can leverage into usable funds today: their life insurance policies.
A life insurance loan allows you to receive an advance on their policy’s face value, preserving funds for beneficiaries to receive in the future.
In order to qualify for a life insurance loan from a program, such as Fifth Season Financial’s Funds for Living and Giving (FLAG) program, you or a loved one must have been diagnosed with an advanced-stage or otherwise life-threatening illness. These conditions might include Stage III or IV Cancers (typically with distant metastasis), congestive heart failure, amytrophic lateral sclerosis (ALS, or Lou Gehrig’s disease), chronic obstructive pulmonary disease (COPD), and multiple sclerosis.
You must also be permanent U.S. residents and own a qualifying life insurance policy. Almost all policy types are eligible, including Universal Life, Whole Life, Flexible Premium Adjustable Life, Group Life, Indexed Life, Variable Universal Life, Term, and Convertible Term Life policies. The policy must be issued by a U.S.-based life insurance company and carry a value, or death benefit, of at least $50,000 (or $100,000 for group policies). In most cases, the policy also must have been issued at least two years ago and be transferable or collaterally assignable to a life insurance loan provider such as Fifth Season Financial.
The requirements stop there. There is no credit check, no income requirement, and no health examination required for Fifth Season’s life insurance loan program. Fifth Season’s program coordinators work directly with your healthcare provider for an independent evaluation of their medical records. Fifth Season eliminates all the back and forth you would go through since they are in direct communication with the healthcare and insurance providers.
The FLAG program process starts with an easy, free, and no-obligation consultation and ends with a payment to you. It’s a simple five-step process that typically takes four to six weeks:
And that’s it! Not only are the funds you receive yours to use as you choose, but you are also released from making any further premium payments, which provides even more immediate financial relief to you and your family. There are no remaining out-of-pocket expenses during your lifetime.
When the life insurance policy matures, the insurance carrier will typically pay the policy’s death benefit directly to Fifth Season, which will then use those funds to pay the balance of the life insurance loan and return all surplus proceeds to your beneficiaries. In the unlikely event that the amount owed exceeds the remaining balance, your family members will not be responsible for repaying any discrepancy.
If your financial status changes, you can always choose to pay back the loan and any associated costs, such as premiums and management fees, at any time. You won’t face prepayment penalties, and you’ll retain your life insurance policy’s full death benefit. Similarly, you have the option of having your case reevaluated—and possibly increasing the amount of your advance—if you encounter a more rapid disease progression.
Fifth Season Financial was the first to pioneer a life insurance loan program, and it shows. Since 2007, Fifth Season Financial has provided over $115 million in financial assistance to individuals with an advanced-stage illness—and in more than 90% of our cases, funds remain to pass on to beneficiaries. No other organization has the combined experience of Fifth Season’s team, which consists of nearly two dozen industry leaders and consulting physicians who are experts in their fields.
With Fifth Season’s fully licensed Funds for Living and Giving (FLAG) program, you’re guaranteed full transparency throughout the process, including all fees and interest associated with your loan, and proactive communication, including monthly statements with clear and concise updates on your account and the funds that remain to pass on to your beneficiaries.
No company has been helping individuals longer and more effectively than Fifth Season, so call us today at (866) 459-1271 if we can offer financial assistance to you or your loved ones.
In some instances, we can lend as much as 60% of your policy's death benefit.
NO COST / NO OBLIGATION
To help you decide if our financial loan program is right for you, we encourage you to read
our testimonials - from real people just like you.
We have provided over $115 million in financial assistance to individuals with an advanced-stage illness.
Hundreds of families have gained peace of mind, enabling them to focus on a better quality of life and spending time with loved ones.
In more than 90% of our cases, funds remain to pass on to your beneficiaries.
The money we advance is yours – there are no restrictions on how you choose to use it. Use the funds for living or for giving to your loved ones.
I am extremely satisfied with Fifth Season Financial and would recommend them without hesitation.The loan advance on my life insurance policy will allow me and my family to fix much needed septic repairs on our home, pay medical bills and the IRS, and install a gas log insert in the fireplace for efficiency. While dealing with Fifth Season Financial, I was kept well informed throughout the loan advance process. I never lost confidence in Fifth Season. It was a last hope miracle for us.”
Susan in Michigan
Fifth Season Financial helped me to live a better life while battling advanced inflammatory breast cancer.Eric Smith and I worked well together. With this loan advance from Fifth Season Financial, I will be using the money to pay off outstanding debt I have incurred due to losing my income due to cancer. I was very pleased with the whole process of working with Fifth Season Financial.”
Mitchell in Ohio
I am satisfied with Fifth Season Financial.The money I received is very much needed and will be put to good use. I would definitely recommend this program to anyone suffering financial hardship due to their illness. I will be paying off debts and possibly taking a trip with my 21 year-old daughter. This has been a trying time for both us. Both Eric and Giovanni were very helpful and kind. I appreciate the help they gave.”
Debbie in New York
I was diagnosed with breast cancer in 2012, metastatic to the liver, stage IV. We began to experience some financial hardship and I found out about Fifth Season on the internet and applied for the loan, was approved promptly. I would recommend this program as well as this company to any other cancer patient that is experiencing financial hardship. Once we were approved for the loan, our financial burdens were lifted and it’s an excellent company. Fifth Season gave me financial peace of mind, and allowed me to focus my energy on my condition, and my family’s well-being…thank you.”
Stephanie in Virginia
Cancer… Bills… Prescriptions… Every night as my head hit the pillow my mind raced with stress and fear.My tears spilled out when my husband fell asleep. I prayed for help. I wanted to share whatever time I had left creating memories with my husband and little girl. I wanted to live my life. Stress was overshadowing my ability to fight the cancer. I called my life insurance agent to take a loan on my policy, but the amount wasn’t worth the paperwork. He suggested Fifth Season to me and explained the concept of using my life insurance while I was still alive… I called immediately and was treated with compassion and respect. We made a family decision to use my life insurance to live in the present and enjoy our lives while I fight the tough cancer battle. It is the best decision we have ever made… I’m still creating memories which my husband and little girl will never forget!”
Scarlett in New Jersey
Fifth Season Financial helped me to live a better life while battling advanced inflammatory breast cancer.The company gave me the financial freedom to focus on the constant treatments and enabled my family to keep their home! My husband and three daughters and I thank you ever so much! I continue my fight and thank God for your company that helped us through. I am blessed.”
Kristane in Indiana
We are very satisfied and relieved now thanks to Fifth Season. We are extremely likely to recommend the Funds for Living and Giving program to family and friends. Fifth Season has helped in giving back a stress free time for us. The advance we received will be used to pay-off all of our jointly debt and it will allow us to achieve our dream of owning our own home. The whole experience has been positive. Eric was very helpful, understanding and never got bothered with any of our questions. I believe Fifth Season is staffed with compassionate and caring people, and do everything they can. The Funds for Living and Giving program has 100% addressed our needs. Fifth Season has given us back our financial freedom. We are now able to concentrate on making happy memories.”
Glenn B. in Connecticut
I have been looking for financial help since my tumor started to grow again. It is hard enough dealing with cancer treatment, medical visits, and medical bills, so I considered selling my life insurance policy (viatical settlement) and whole life insurance. Fifth Season Financial was able to address my financial situation 100%. The “Loans for Living” process went well. Eric Smith answered all questions I had and responded right away. I am very satisfied with Fifth Season’s Loan for Living Program and a fan of the program. Since I was able to use my life insurance as an asset with the “Loans for Living” program, I will be spending funds on my family. These funds will help me keep up with my bills and possibly go on the vacation I was never able to pay for. Others should be aware of ALL OPTIONS when seeking financial help for cancer, so I will refer other’s to Fifth Season.”
My daughter was diagnosed with brain cancer and had to have surgery just over a year ago. I was seeking financial help for my daughter so she could receive the medical care she needs, alternative and nutritional treatments, and pay for medical bills. Fifth Season Financial was able to provide a life insurance loan for my daughter’s Term Life Insurance Policy, which allowed our family to have the cash advance we need today to get help for my daughter now.”
Allen in New Jersey
I received a loan on my insurance policy. Eric was so helpful. After all required information to obtain the loan was supplied, it was just a short time before we received the moneyThe process was very easy and Fifth Seasons always informed us every step of the way. I would recommend them to anyone. After everything was completed, Eric would contact me to see if everything was okay. When my husband passed, I called and sent the required documents. They did the rest. I felt that they were so helpful. Fifth seasons is very reliable.”
Toni in Nevada
Fighting a serious illness presents more than enough complications in your life.
That’s why we’re committed to keeping every aspect of the FLAG Program
as simple and up-front as possible.
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 amount of the advance is based on several factors, including:
No - there are no restrictions on how you use the funds advanced to you. The money is yours to use as you wish.
All advances, interest, origination fees and premium payments are repaid to Fifth Season out of the life insurance policy's death benefit. After that, all surplus funds are paid to your designated beneficiaries.
There are several stages to the process. Generally, Fifth Season can provide you with a formal offer letter within three days of receiving a complete set of medical records and a verification of the eligibility of your life insurance policy (note: our internal team will help assemble these for you with your approval). Once you accept the offer, we will need to change the life insurance policy's ownership and beneficiary status to Fifth Season (or, in some cases, collaterally assign the policy to Fifth Season). This part of the process can take up to four weeks. Once confirmation is received from the life insurance carrier, we can generally advance funds within 48 hours.
Once approved and processed, you will receive your advance in one lump sum either by check or direct wire transfer to your bank account.
Fifth Season is responsible for paying all remaining premiums on the life insurance policy. The premiums paid by Fifth Season will be added to the principal balance of the advance. 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.
There are no application fees or out of pocket expenses with our financial assistance program. If you accept the FLAG proposal, a management fee and interest will be added to your balance as specified in your proposal documents. Fees and interest will vary by state, so please contact Fifth Season for the specific rates that will apply to your case. Along with premium payments, all fees and interest are repaid entirely out of the life insurance death benefit, so there are no out-of-pocket costs to the insured, and no future costs to pass on to family or other beneficiaries (even if the interest exceeds the balance of policy account).
The funds advanced under our financial assistance program are generally not taxable. However, since each individual situation is unique and Fifth Season does not provide tax, legal or financial advice, we recommend you speak with your legal, tax or estate planning advisor.
For Fifth Season to simplify the payment of your policy premiums and maintenance of your life insurance policy, the policy is transferred or collaterally assigned to Fifth Season. When the life insurance policy matures, the insurance carrier will pay the policy death benefit to Fifth Season (in most cases). Fifth Season will then use those proceeds to repay the outstanding balance and will return any surplus proceeds to your designated beneficiary. Should the amount owed ever exceed the outstanding balance, neither you nor your family are responsible to repay any shortfall on the advance.
Yes. If your financial situation changes, 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 penalties to retain your full death benefit.
Once an application is submitted, we consider several factors to determine if you qualify for our financial assistance program, but there are three key requirements:
We can 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 credit rating, repayment ability and employment status are not factors we consider. Your medical history and the details of your life insurance policy are the primary factors for consideration.
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.
All information concerning your medical condition will remain strictly confidential. Access to your medical information is strictly controlled and limited to Fifth Season employees, consulting oncologists and 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 HIPPA (Health Insurance Portability and Accountability Act) regulations and standards, and is committed to protecting your privacy.
We know that these are difficult times. We want our clients to know that Fifth Season is
committed to providing the compassionate service you deserve.
We are empathetic people who have been in some way touched by illness and will do our best to help whenever we can.