Is There Financial Aid Available For Cancer And How Does It Work?

When most people think of financial aid, they think of grants and loans for higher education. While that is the primary option, you can also find help if you or someone you know has cancer. This life-threatening illness can completely change your life and how you deal with things. Many people beat it only to be financially destitute afterward. It’s important that you’re able to focus on your life and quality rather than stressing out about money problems and how you’ll pay bills and cover medical needs.

Use Your Life Insurance Policy Right Now

Many lenders offer financial aid for cancer patients by either buying or loaning from your life insurance policy. Both options are available from a variety of companies, but choosing which one is best for you can be tough.

Viatical or life settlements allow a third party to buy your life insurance from you. You get the money you need within a few months, and everything is settled and done. However, that policy is no longer valid or available, so it can’t be given to the beneficiaries. Likewise, these settlements are only designed to keep you going for less than two years, so if you beat the disease or live longer, you may get into financial problems once again.

Another Option

Aid for cancer comes in another form, as well. You can now find companies who are willing to loan you money based on your life insurance policy. They continue paying the premiums, so you continue to have coverage. You don’t have to pay anything back as long as you live and once you’re gone, the fees are paid back from the policy proceeds. In almost all cases, funds are still available afterward to pass to the beneficiaries.

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