FAQs

 

The answers you need.

If you have questions about our Living Resource Benefit Loan program, you’ve come to the right place. Below are answers to the commonly asked questions regarding participating in our loan program.

A Living Resource Benefit Loan allows our clients to convert their life insurance policies into cash, giving them access to up to 60% of their policy’s death benefit. They use these funds to pay bills, explore alternate treatment options, restore depleted retirement funds, and even go on bucket list adventures, all without making loan payments or incurring any out-of-pocket costs.
A Living Resource Specialist will guide you through the application process to determine if you qualify. There are no credit checks or income verifications, we simply evaluate your life insurance policy to determine if it’s favorable for our loan program.

We’ll let you know within 72 hours of applying whether you’re approved. Upon your agreement to the loan terms and confirmation from your insurance company, you will be given a loan for up to 60% of your life insurance policy’s death benefit secured solely by your policy.

You can receive funds either by mail with a check or by bank wire transfer within 24 – 72 hours of the application completion. After you receive the loan, we’ll pay all of your insurance premiums moving forward. Upon your passing, the loan is paid off using the policy’s death benefit and any remaining funds go to your beneficiaries.

Our Living Resource Benefit Loan program is typically ideal if:

  • You have been diagnosed with a life-threatening illness
  • Have been given a “limited life expectancy” of 5 years or less
  • Your policy has been in place for at least 2 years
  • You own $50,000 or more of life insurance coverage through one or multiple policies
  • Your insurance company is based in the United States
  • You are a United States citizen

We work with clients who have an array of life-threatening illnesses as well as many different types of life insurance policies. Contact us if you have any questions about whether you qualify.

Your credit score, repayment ability, or employment status will not affect the amount you are able to secure. To determine how much you can borrow, we look at a combination your life insurance policy details like your premium and policy benefit along with your current health.
There are no out-of-pocket costs with our loan and the interest is not paid out of pocket.  Upon your passing, the loan is paid off using the policy’s death benefit and any remaining funds go to your beneficiaries.
  • Policy must be issued by a life insurance company based out of the United States
  • Issuing life insurance company must have a good company credit rating
  • Policy must be transferable or assignable
  • Policy must be more than 2 years old
  • Individual, group and employer-provided term or whole life policies are generally acceptable
  • No cash surrender is required
Interest rates tend to vary slightly depending on your state of residence but it’s typically 14.9% for the first twelve months of the loan and 17.9% for the remaining time the loan is in place.

If you are approved for the loan, there will be a one-time Initiation fee that is roughly equal to 4% of your life insurance policy’s death benefit, however this fee varies by state as well. The fee is added to your loan balance and is not paid out-of-pocket. A 0% interest NO fee option is available for many patients.

The funds you receive from our program are not taxable but you should seek advice from a qualified tax professional to verify.

A number of our clients use the funds received for medical treatment which in many cases extends their life expectancy well beyond the original diagnosis. This is our hope with every client we work with! When this happens, no changes are made to the loan and no additional payments or fees will ever be paid by you or your family. However, if your medical situation changes and the disease progresses more rapidly than the original diagnosis, your loan amount could be increased upon a re-evaluation of your current medical status.
All we need to get started is verification of your medical condition and a recent life insurance policy statement – both of which we can get for you. It’s really that easy! One of our dedicated Living Resource Specialists will guide you through the application process, answer any questions, and keep you informed of your application status every step of the way. Call us at 1-866-500-2922 to get started.

Contact Us

or first learn more about us


FAQs

 

The answers you need.

If you have questions about our Living Resource Benefit Loan program, you’ve come to the right place. Below are answers to the commonly asked questions regarding participating in our loan program.

A Living Resource Benefit Loan allows our clients to convert their life insurance policies into cash, giving them access to up to 60% of their policy’s death benefit. They use these funds to pay bills, explore alternate treatment options, restore depleted retirement funds, and even go on bucket list adventures, all without making loan payments or incurring any out-of-pocket costs.
A Living Resource Specialist will guide you through the application process to determine if you qualify. There are no credit checks or income verifications, we simply evaluate your life insurance policy to determine if it’s favorable for our loan program.

We’ll let you know within 72 hours of applying whether you’re approved. Upon your agreement to the loan terms and confirmation from your insurance company, you will be given a loan for up to 60% of your life insurance policy’s death benefit secured solely by your policy.

You can receive funds either by mail with a check or by bank wire transfer within 24 – 72 hours of the application completion. After you receive the loan, we’ll pay all of your insurance premiums moving forward. Upon your passing, the loan is paid off using the policy’s death benefit and any remaining funds go to your beneficiaries.

Our Living Resource Benefit Loan program is typically ideal if:

  • You have been diagnosed with a life-threatening illness
  • Have been given a “limited life expectancy” of 5 years or less
  • Your policy has been in place for at least 2 years
  • You own $50,000 or more of life insurance coverage through one or multiple policies
  • Your insurance company is based in the United States
  • You are a United States citizen

We work with clients who have an array of life-threatening illnesses as well as many different types of life insurance policies. Contact us if you have any questions about whether you qualify.

Your credit score, repayment ability, or employment status will not affect the amount you are able to secure. To determine how much you can borrow, we look at a combination your life insurance policy details like your premium and policy benefit along with your current health.
There are no out-of-pocket costs with our loan and the interest is not paid out of pocket.  Upon your passing, the loan is paid off using the policy’s death benefit and any remaining funds go to your beneficiaries.
  • Policy must be issued by a life insurance company based out of the United States
  • Issuing life insurance company must have a good company credit rating
  • Policy must be transferable or assignable
  • Policy must be more than 2 years old
  • Individual, group and employer-provided term or whole life policies are generally acceptable
  • No cash surrender is required
Interest rates tend to vary slightly depending on your state of residence but it’s typically 14.9% for the first twelve months of the loan and 17.9% for the remaining time the loan is in place.

If you are approved for the loan, there will be a one-time Initiation Fee that is roughly equal to 4% of your life insurance policy’s death benefit, however this fee varies by state as well. The fee is added to your loan balance and is not paid out-of-pocket.

The funds you receive from our program are not taxable but you should seek advice from a qualified tax professional to verify.

A number of our clients use the funds received for medical treatment which in many cases extends their life expectancy well beyond the original diagnosis. This is our hope with every client we work with! When this happens, no changes are made to the loan and no additional payments or fees will ever be paid by you or your family. However, if your medical situation changes and the disease progresses more rapidly than the original diagnosis, your loan amount could be increased upon a re-evaluation of your current medical status.
All we need to get started is verification of your medical condition and a recent life insurance policy statement – both of which we can get for you. It’s really that easy! One of our dedicated Living Resource Specialists will guide you through the application process, answer any questions, and keep you informed of your application status every step of the way. Call us at 1-866-500-2922 to get started.

Contact Us

or first learn more about us


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