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Financial Counselors Can Advise Cancer Patients | Borrowing Against Life Insurance

Financial Counselors Can Advise Cancer Patients | Borrowing Against Life Insuran

Cancer patients are likely inundated with questions. At first, they may be focused on their diagnosis and prognosis, but more issues may arise as treatment and therapies begin, such as how to manage their everyday tasks like work and raising kids when they’re dealing with such pressing medical problems, or the best way to tackle mounting medical bills.

Many of the uncertainties cancer patients have regard finances, which have been very intertwined with cancer care. Increasingly, patients are turning to financial counselors to seek guidance and explore resources, such as financial assistance and programs that allow patients to borrow against life insurance.

Benefits of a financial counselor

A cancer diagnosis can be overwhelming, as can the financial problems a diagnosis brings. In such a time of crisis, patients should be focused on their physical and mental health, not their financial wellness.

That’s where a financial counselor can come in. Such individuals are trained to know the ins and outs of the financial world, and it’s becoming more common for financial counselors to have specific training regarding assistance for cancer patients. With that knowledge, they can walk patients through how to work with insurance companies, identify financial pitfalls to watch out for, suggest ways to save or cut corners and teach them which medical bills to prioritize.

In addition to financial education, financial counselors can offer important resources they’ve learned about from their work in the industry. For instance, with Life Credit’s programs, patients can borrow against life insurance to provide needed financial relief.

Things to consider

While financial counselors can be extremely beneficial, patients should also keep some aspects in mind.

Some counselors may be employed by a particular hospital or insurance company, so while they may offer valuable guidance, their advice may also be tailored to help their employer. That’s why it’s important to always question counselors’ advice, educate yourself and seek a second opinion.

How a Living Benefit Loan Works

A Living Benefit Loan from Life Credit lets you borrow against your life insurance death benefit — not the cash value. This means any policy type qualifies, including term life, whole life, universal life, group life, and FEGLI. The minimum death benefit is $75,000.

  1. Apply — Provide your policy details. No credit check, no income verification required.
  2. Review — We evaluate your policy and determine how much you can access (up to 50% of death benefit).
  3. Receive funds — Money deposited in as few as 3 business days.
  4. No monthly payments — The loan is repaid from the death benefit when it eventually pays out.

Your beneficiaries still receive the remaining death benefit after the loan is repaid. APR up to 35.99%. Origination fee of 3% of the death benefit.

📚 Related In-Depth Guides

Who Qualifies?

You may qualify for a Living Benefit Loan if you:

  • Own a life insurance policy with a death benefit of at least $75,000
  • Have any policy type — term, whole, universal, group, or FEGLI
  • Are diagnosed with a serious or terminal illness, or are over 65

Check your full eligibility →

Compare Your Options

A Living Benefit Loan isn't the only way to access your life insurance value. Depending on your situation, you might also consider a traditional policy loan, accelerated death benefit, viatical settlement, or life settlement. Each has different trade-offs in speed, amount, and whether you keep your policy.

See all 6 ways to access cash from life insurance →

Frequently Asked Questions

What financial help is available for cancer patients?

Options include Living Benefit Loans, viatical settlements, accelerated death benefits, SSDI, Medicaid, hospital charity care, and nonprofit grants.

Can I borrow against my life insurance during cancer treatment?

Yes. A Living Benefit Loan provides up to 50% of the death benefit in as few as 3 business days. No credit check.

Will I lose my life insurance?

Not with a Living Benefit Loan — you keep your policy and your beneficiaries receive the remaining death benefit.

Ready to Explore Your Options?

No credit check. No monthly payments. Funding in as few as 3 business days.

Get Started Free Call 1-888-274-1777
Life Credit Life Credit

Providing Living Benefit Loans to cancer patients and seriously ill individuals since 2012.

1-888-274-1777

Contact

7924 Ivanhoe Avenue, Suite 10
La Jolla, CA 92037

1-888-274-1777

support@lifecredit.com

Mon–Fri: 9:30am–6:30pm EST

Maximum APR = 35.99%, Minimum repayment = 90 days, maximum repayment = 120 months. Your actual rate depends upon, loan amount, loan term, and collateral, and will be agreed upon between you and the lender. An example of total amount paid on a loan of $200,000 secured by a $400,000 life insurance policy for a term of 24 months at a rate of 18% would be equivalent to $295,188.80 over the 24 month life of the loan, this includes an origination fee equal to 3% of the life insurance policy’s death benefit which serves as collateral. Life Credit Company, LLC is a California licensed consumer lender, as required by law, with its main office located at 7924 Ivanhoe Avenue, Suite 10., La Jolla, CA 92037, Telephone Number 888-274-1777. California Finance Lender License #601K051. This site is directed at, and made available to, persons in the continental U.S., Alaska and Hawaii only. Life Credit is a marketing company. It is not a life settlement provider or broker. Life Credit will refer qualified policies to a licensed entity.

Loans will be arranged or made pursuant to a California Finance Lenders Law License.

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