How It Works

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Line of Credit

Our line of credit is a state regulated loan contract, provided to qualifying seniors (persons over the age of 65) and cancer patients and secured by the client’s existing life insurance policy. The life insurance policy may be one owned by you, or one that you have been provided or purchased as a member of a group or association, or one that is provided by your current or former employer, it may even be one that covers you as the spouse, partner or dependent.

How it Works

There are three steps involved in the process:

  • Underwriting
  • Approval
  • Funding

As this process requires your cooperation, the sooner you take action, the quicker LIFETRUST can begin the three-step process.

Filling out our initial application and authorization forms serve as your no-obligation application. You may download these Forms from this website, or you may call and speak to one of our experienced staff to get you started:

Call 877.565.6616

When you make your initial contact with LIFETRUST, a pre-qualification interview will be conducted by telephone. This pre-qualification process begins with you calling us or we receive your authorization forms by fax, email or mail.

Once you have been pre-qualified, the three-step process can begin:

  • Underwriting:
    This is a two-phase process; your life insurance policy must meet our requirements to be used as collateral for the line of credit from LIFETRUST. Your cancer history and current medical condition also need to meet our eligibility criteria. Our general criterion is explained on the
    How to Qualify section of this website.

    The Underwriting process may take two to three weeks. We will request your medical records from your treating physician’s office along with asking for written verification of your policy from your life insurance company. The timeframe involved is influenced by the response time of your insurance company and physician’s office or treatment facility.
  • Approval:
    Once your insurance policy and medical condition have met our underwriting criteria, LIFETRUST will contact you and propose its line of credit recommendation. There is no obligation to accept the proposal. We understand these types of decisions are difficult and you may want to give it further consideration prior to accepting. You have up to forty-five days to notify us of your decision.

    Should you decide to accept LIFETRUST's proposal, we will prepare contract documents and send them to you by mail. Please review these contracts carefully. LIFETRUST recommends that you also have your financial advisor, attorney, and or accountant review them as well.

    The Approval process will generally require one to two weeks as we send the contract documents to you and await their return to LIFETRUST. The lender’s review and approval is required prior to beginning the funding process of your line of credit.

  • Funding:
    Once you have decided to proceed by signing and returning the contract documents, LIFETRUST will notify your life insurance provider to make the necessary changes required to use your policy as collateral for the line of credit. A line of credit account is established, then actual withdrawals from the line of credit may begin.

    The Funding process will take one to three weeks, depending primarily on your life insurance provider’s turnaround timeframe for the recording of the policy changes.

The normal timeframe for LIFETRUST to complete the three-step process is four to six weeks. While this may seem rather long, we at LIFETRUST are dedicated to getting your line of credit ready as quickly as possible.