|
We would like to introduce you to several primary aspects of our Life Insurance Line of Credit (LILOC) financial assistance program, including our many unique LILOC Advantages, information about establishing LILOC Eligibility, details about how our LILOC Process works, and an explanation of our policy requiring that your LILOC be a Family Decision. Just click the designated links and you will be taken to these specific areas of interest.
LILOC ADVANTAGES
Financial Freedom - First and foremost, there are no restrictions on how you and your family choose to use your Fifth Season LILOC funds. Whether it's completing your children's education or paying off existing debts so that you and your family can focus on living each day to the fullest without the distractions of financial stress, the choice of how to utilize your financial advance is entirely your own.
[ return to top ]
Zero Obligation - In keeping with our goal of providing you with renewed financial freedom, neither you nor any member of your family is under any obligation to repay funds obtained through a LILOC or to make monthly payments - period. Upon policy maturity, all advances plus applicable interest and fees are automatically repaid to Fifth Season from your life insurance proceeds.
[ return to top ]
Flexibility - Our LILOC is a financial option which enables you to utilize your advanced policy proceeds in one lump sum (up to 75% of your qualified policy's face value) or in smaller increments that can either supplement your day to day financial requirements - or flex instantly to accommodate unanticipated financial needs should they arise. However you decide to use your LILOC funds - the money is tax-free.
[ return to top ]
Family Security - Your existing life insurance policy is in no way jeopardized by taking advantage of a Fifth Season LILOC, because we will take over the servicing of your life insurance premiums and guarantee that your family's insurance protection is preserved. As in all aspects of our life-enhancing program, the bottom line is peace of mind.
[ return to top ]
Surplus Funds - Just as there are no restrictions on how you choose to use your LILOC, it's also important to remember that the full balance of your life insurance policy proceeds above and beyond repayment of advances, origination fee, and interest are paid tax-free directly to your family or beneficiary.
[ return to top ]
No Trade-Offs - Qualifying for a Fifth Season LILOC need not restrict your eligibility for Medicaid benefits or any other public assistance entitlements. That's what makes a LILOC special - the fact that you don't have to sacrifice any other form of financial assistance in order to receive ours. On the contrary, our focus is on adding a whole new level of control and choice to your life.
[ return to top ]
No Red Tape - No credit checks or references. No medical exams. No current employment requirements or demonstration of repayment ability. Your Fifth Season LILOC is determined solely on the basis of a qualifying medical profile and an existing life insurance policy (or multiple policies), whether individual, group, or employer-based. In fact, a LILOC works with virtually any type of life insurance policy that is both incontestable and assignable. No invisible costs. Our entire eligibility process is designed to be fast, confidential, and free of complications.
[ return to top ]
No Application Fees - If, after the qualifying process is completed, you decide to accept our offer of financial assistance, a nominal origination fee is charged to your LILOC account. This fee and your advanced funds will incur a state-regulated interest charge, but without any monthly payments.
[ return to top ]
Constant Support - All of us at Fifth Season have witnessed firsthand the financial consequences and challenges that families living with cancer are confronted with daily. That's why you'll find experienced and compassionate LILOC counselors on call to assist you - answering your questions thoroughly and knowledgeably, helping to make the application and funding processes simple and expeditious.
[ return to top ]
LILOC ELIGIBILITY
So how do you take advantage of a financial option you didn't even know you had?
Actually, not everyone with a cancer diagnosis qualifies for a LILOC.
For those who are presently in a "treat to cure" stage of cancer with a life expectancy exceeding five years, we may be an option that you consider at some point in the future should your condition progress to a level designating medical eligibility.
If, however, your cancer is serious and life-limiting, then our LILOC program may be the financial solution you need and want to take advantage of now.
Determining LILOC Eligibility begins with filling out an Information Release Form which allows us to conduct a confidential review of your current medical records and to obtain information from your insurance company about your policy. While your policy is required to be both assignable and incontestable (more than two years old in most instances), it isn't required to have any cash value.
No medical examination is necessary. Nor are you under any obligation to accept a Fifth Season LILOC at the conclusion of the qualification process.
Ultimately, it's your choice!
[ return to top ]
LILOC PROCESS
Medical Criteria
Once we receive your Information Release Form, the required medical records necessary to establish eligibility will be requested and reviewed. The physicians who provide medical evaluations for Fifth Season possess expert credentials and are independent of our company. They provide a projected life expectancy based on disease characteristics over a large sample population. This in no way implies that your specific condition matches those of the sample population. We recommend that your personal physician always be consulted regarding you medical questions.
Cancers that are life-limiting and recurrent or have distant metastases, generally speaking, suggest medical eligibility for a Fifth Season LILOC.
Certain non-metastatic cancers also may qualify.
[ return to top ]
Life Insurance Policy Criteria
Because the source of repayment of a LILOC is the collection of the proceeds of your life insurance policy, we require:
- the policy be assignable; and
- the policy be incontestable (usually 2 years from issue date).
Upon receipt of your application, we will request the necessary information from your life insurance company on your behalf to verify the above.
[ return to top ]
LILOC Amount
The actual amount we can advance is based on several factors. The three most important are:
- the face amount of existing life insurance coverage;
- the projected life expectancy; and
- the policy premium amounts payable in the future.
After considering all factors, the LILOC amount will generally be between 35% to 75% of your life insurance policy face amount.
[ return to top ]
Get Started Now
The Fifth Season LILOC Information Release Form was designed to make it as easy as possible for you to give us an overview of your medical history and insurance information and authorize Fifth Season to access the information needed to process your LILOC.
Your LILOC will be processed in approximately three-to-four weeks. Depending on the response time of your physician and your insurance company, it may take slightly longer.
Download a Fifth Season Information Release Form
[ return to top ]
Your Fifth Season LILOC is a Family Decision
After you or a family member has established eligibility, you'll receive a detailed LILOC offer in writing. This provides you with all of the specific information you need to answer any questions or address issues that family members may have regarding your acceptance of our financial assistance.
In fact, it's a decision that we require families make together.
Once the decision is made and LILOC documentation is returned and processed, you're free to access any or all of your LILOC funds either in one lump sum or in ongoing advances. And whether you receive your funds in the form of a check or a wire transfer to your bank is also your choice.
Altogether, the process takes approximately three-to-four weeks from application through actual funding, at which point you have the finances you want, need, and deserve to both improve and maintain your family's overall quality of life.
[ return to top ] |
