Thank you to Life Credit Company for making this post possible. All opinions are 100% my own.
For those of you who were not aware, I work in the financial sector by trade, primarily commercial insurance, but my office is owned by a bank, a very large bank, so I have some pretty decent knowledge of other financial products as well. I try to stay as current on those types of things as possible because well, lets be honest, I want to live comfortably as I age and I want my kids to live comfortably as well, so I like to know what’s out there than can help get us there. One thing I recently learned about though that I had no idea was out there is a living benefit loan.
What is A Living Benefit Loan?
Now a living benefit loan isn’t for everyone. It’s primary objective is to help cancer patients who as a result of their diagnosis are having a tough go financially. I mean doctor bills; even with insurance there are deductibles and co-pays, lost time from work or the inability to work at all…it all adds up and this is a time in life where the last thing you want to have to focus on is how you’re going to pay the bills. That’s where the living benefit loan comes in and for anyone who has been diagnosed or knows someone who has, it’s definitely worth taking a look at to see if it would help in that time of need.
How Does It Work?
Of course all companies are slighly different, but Life Credit Company‘s program is pretty straight forward. A Living Benefit loan makes it possible for cancer patients to receive up to 50% of their life insurance policy’s death benefit today. They will not be required to make loan payments or incur any out-of-pocket expenses. Ultimately your loan is repaid from the policy’s death benefit proceeds at some point with the remainder going to the insured’s family as originally intended. Loan proceeds can be used by the borrower for any purpose without restriction. To me it sounds like something that would definitely be worth looking into if my family or myself were ever facing that situation.
To find out more about the Living Benefit Loan process and qualifications, be sure to visit www.lifecreditcompany.com.