Loans for Living
Financial assistance for individuals with advanced cancer and chronic illnesses
Over 80% of families dealing with an advanced stage illness experience financial challenges. There is now a way to help “DeFlame” the stress of this very challenging life event.
As there were so few financial options available to individuals who were very ill, a small group of physicians and businessmen created the “Loans for Living” program. One of the primary goals of the program is to provide relief from financial stress, so individuals and their families can focus on what matters. The program was initially created to assist those with advanced stage cancer and has now been expanded to assist individuals with most other advanced stage illnesses including multiple sclerosis, cardiovascular disease & stroke, Lou Gehrig’s disease, Alzheimer’s, kidney failure and other conditions. The loans are secured solely by an individual’s life insurance policy (term, whole life or group policies). There is no income requirement or minimum credit score to qualify for a loan.
The following are some of the features of the Loans for Living program:
- An individual can receive cash advances up to 60% of the death benefit of their life insurance policy e.g. up to $600,000 cash from a one-million dollar policy.
- The money can be used as the individual sees fit with no restrictions
- Repayment of the loan is not required during the individual’s lifetime
- The loan advances are generally not taxed as income (unlike selling a policy/viatical settlement)
- All future life insurance policy premiums are paid by the Loans For Living administrative company
- The loan is repaid solely out of the life insurance policy death benefit
- Any surplus beyond the loan repayment is paid to the individual’s designated beneficiary
- There is generally no impact on eligibility for other assistance, including Medicaid and Social Security