Topic: Life Insurance Loans/Line of Credit?

Forum: Employment, Insurance, and Other Financial Issues — Employment, insurance, and financial concerns are common. Meet others here to discuss and for support.

Posted on: May 3, 2011 12:31PM

Posted on: May 3, 2011 12:31PM

patpet7 wrote:

I am getting deeper in debt by the minute and I've been reading where some people have cashed out their Life Insurances or had a line of credit from them.   I have two policies and one has excelerated death benefits but you can only get a small amount out.  Have you had experiencces with companies that were good as far as cashing out life insurance or getting a line of credit from one?  Any information would be greatly appreciated.  Thanks!

Dx 9/2/2009, LCIS, 4cm, Stage IV, mets, ER+/PR+, HER2-
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May 3, 2011 01:57PM Traci-----TripNeg wrote:

I have a whole life policy that has a cash value that I can cash out at any time without payment. (Although interest does accumulate.) I've used it several times. Once $3k and twice $4k. I'm so glad my agent talked me into that one.

I know I've read of girls doing this here. Have you called your agent?

((((hugs))))

Traci

Trip Neg BRCA + If I never look behind me, my troubles will be few. Supertramp. Dx 2/12/2007, IDC, 6cm+, Stage IIIB, Grade 3, 0/14 nodes, ER-/PR-, HER2-
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May 3, 2011 02:36PM patpet7 wrote:

The life insurance policy was one I got through my employer.  I don't really have an agent. 

Dx 9/2/2009, LCIS, 4cm, Stage IV, mets, ER+/PR+, HER2-
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May 7, 2011 01:16PM Fearless_One wrote:

Patpet7, you mean we can cash in our life insurance policy that is through our employer?Surprised

While we are still working there?

lump/chemo/rads/hyster-ooph/mastectomy/implants
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May 7, 2011 02:18PM Chickadee wrote:

She's talking about accelerated benefits.   You can sometimes receive a portion of the insurance amount in advance if your Dr. certifies in writing that you have a certain amount of time to live.  My companies requirement is 6 months and my onc would not sign it.  The intent is that you are very ill and the insurance money can help in your final months.  Some ladies have had better fortune and their Oncs have been willing to sign though they are currently stable. 

patpet7, contact your insurance provider or your HR dept. and inquire about "accelerated benefits" on your group life policy.  They should send you the paperwork.  Accelerated benefits are based on your health status so they won't consider that you have financial challenges.

I'm in such bad shape, I'm wearing prescription underwear." Phyllis Diller 1917-2012 Dx 9/1/2009, IDC, 1cm, Stage IV, Grade 3, mets, ER+/PR+, HER2-

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