Watch this short video to learn about a life insurance advance. What is a life insurance advance? Who can a life insurance advance benefit and how can they benefit?
Life insurance policies are typically used to provide benefits to a beneficiary or beneficiaries of the policy owner upon his or her death. When you are able to accelerate benefits, you get some or all of your death benefit while you are alive.
When my husband was diagnosed with cancer our world was torn upside down. The thought of my two young daughters growing up with their father consumed my every thought. A life insurance advance gave us the money we needed during our darkest hour and I will forever be grateful.
In the secondary market for insurance, you may qualify for a life insurance loan or accelerated death benefit if you are chronically ill or terminally ill. Under certain circumstances, almost any type of life insurance policy can be used to help pay for out of pocket medical expenses and even ordinary living expenses.
A 72 year old man with a terminal illness decided on some alternative treatments that were not covered by his health insurance policy. A review of his insurance policy and health records showed that he would qualify for a life insurance advance.
The secondary market for insurance consists of companies that do not sell life insurance, but rather, buy or loan money against an existing life insurance policy. While the secondary market for life insurance is quite new and just starting to blossom, its origins can be traced all the way back to a US Supreme Court decision dating back to 1911.