Frequently Asked Questions

Yes! The Living Benefit Life Insurance Loan program provides financial assistance for cancer patients by getting them access to cash for medical bills and treatment. Life Credit is a licensed consumer lender that is dedicated to providing financial assistance for cancer patients and others who are facing serious illness.

Our loan is secured solely by your life insurance policy. There is no other asset we need and your credit history does not matter. We will loan you a percentage of your death benefit today and those funds can be spent however you desire. There are no out-of-pocket fees or expenses with our loan and the interest is not paid out of pocket. Our entire loan ultimately gets repaid from the death benefit of the policy. The difference between the loan and the death benefit will go to your beneficiaries.

Life Credit will pay all of your policy's future life insurance premiums. This is one of the key benefits of our program — you are completely relieved of that financial obligation.

Yes. Our program works with all types of life insurance policies including the Federal Employees' Group Life Insurance (FEGLI) Program. If you are interested in borrowing against your term or group life insurance policy, please contact us.

If you own a life insurance policy with a death benefit of at least $100,000 and have a qualifying medical condition, cancer, or serious illness, you may qualify for a Living Benefit Loan and borrow from your life insurance policy. Learn more on our How to Qualify page.

First, we'll need a copy of your medical records along with a recent life insurance policy statement to approve your loan. All of this information would be gathered during your application process and can be sent to us via mail, fax, or email — whichever is easier for you.

The amount you receive could be up to 50% of your life insurance policy's death benefit. Your loan amount is based on several factors including your health condition, policy type, and policy value.

There are no out-of-pocket fees at any time. When borrowing against life insurance, the interest rate can vary depending on the state. Please call us at 1-888-274-1777 to learn more about interest rates in your state.

We have made borrowing against your life insurance policy a very quick process. You can receive your loan in as little as 3 weeks from the date of application. Loan approval is given within 3 days of a complete application.

No. Our loan is secured solely by the life insurance policy. There is no other collateral required. Your family will never be held personally liable for repayment of the loan.

We will not check your credit score. You will NOT be disqualified due to poor credit, lack of income, or a previous bankruptcy.

No, your loan proceeds are not taxable. However, Life Credit does not offer tax or legal advice so you should seek your own professional opinion to verify.

Navigating key life insurance terms and definitions is crucial when you have a terminal illness or cancer. The benefits of life insurance can offer you peace of mind, the opportunity to protect your loved ones, and deliver immediate financial assistance in an emergency. Key terms include: death benefit, beneficiary, premium, assignment, and cash value. Contact us for a plain-language explanation of your specific policy.

If you choose to use your life insurance policy to access the cash you've invested in it, it's important to understand terms like absolute assignment and collateral assignment. With absolute assignment, all rights of the policy are transferred. With collateral assignment, only the right to receive the death benefit up to the loan amount is assigned — your beneficiaries still receive the remainder. Life Credit uses collateral assignment, so your beneficiaries' interests are protected.