The story, unfortunately, is a common one.
You’re facing a serious illness, one that will require significant medical attention, change your ability to work or earn a living, and may seriously affect your financial security. The stress is palpable, sometimes overwhelming.
You seek help, and find the promise of financial solutions that could provide the assistance and relief you need.
But who can you trust? There’s too much at stake here, and you need to know that the individuals and company that buys your life insurance policy can deliver on their promises. When it comes to using a life insurance policy to find funds, the stakes couldn’t be higher.
We recently came across an essay on CNBC.com about the “10 Tough Questions You Need To Ask Your Financial Advisor”, and were struck by the similarities. Whether working with a general advisor or a more specialized company like Fifth Season that’s helping you access funds from your life insurance, it’s essential to ask the right questions before trusting anyone with your life insurance loan.
FEE TRANSPARENCY – If I’m taking a loan or advance from my life insurance policy, is the company I’m talking to clear about the costs of the transaction? At Fifth Season Financial, we are fully transparent at all times, highlighting all fees and interest related to your life insurance loan and providing a detailed but simple roadmap that lists all costs on a timetable. Before agreeing to a Funds For Living advance, it will be clear what costs are involved, with no future surprises or “cost increases”.
REGULATORY CONTROLS – Is the company you’re working with licensed to perform the transaction? Many companies that buy life insurance policies may offer the ability to lend money, but aren’t licensed to do so. Make sure to ask about licenses before you work with anyone, and at Fifth Season Financial, you can be comfortable that the company is fully licensed to work with its clients.
EXPERIENCE – How long have you been working with life insurance loans/advances? How many individuals have you helped? How did you develop the concept for your business? Fifth Season Financial was the first to pioneer this financial solution, and has been helping patients since 2007, no other organization has the combined experience of our team. Dealing with insurance companies and navigating through the complexities of policies and medical diagnoses requires real expertise and manpower. Rather than a one or two man team, Fifth Season is well-staffed with nearly two dozen industry leaders and consulting physicians who are experts in their fields and have the tools and experience to properly manage what can be a life-changing transaction.
PROACTIVE COMMUNICATIONS – Once I’ve signed on with your company, how often will I hear from you? At Fifth Season, you’ll receive monthly statements that provide clear and concise updates on the status of your account and the funds that remain to pass on to your beneficiaries. And we’ll check in regularly to see how you’re doing and whether you have any questions or needs.
In addition to these, be wary of the classic BAIT-AND-SWITCH. Is the company I’m working with changing the terms of what we discussed? Were you working with one company, and now find you are dealing with another? While initially discussing life insurance advances/loans, have they switched gears and begun to push you on an outright sale of your policy (called a life settlement)? Be especially cautious if this concept is introduced aggressively to you before you’re ready…in many circumstances, a policy sale can greatly benefit the purchaser, but leave the seller with no funds to pass on to beneficiaries (and less money overall).
This is the most important time to stop, ask questions, and make sure you can be confident that you’re working with the foremost experts in their field. And when it comes to life insurance loans/advances, no company has been helping individuals like you longer and more effectively then Fifth Season Financial. Call us today at (866) 459-1271 to see if we can help you as well!