LIFETRUST determines eligibility by using two criteria. It is also important to note that the client must be a senior over the age of 65 or a qualifying cancer patient and the insured on the existing life insurance policy.
Your Existing Life Insurance Policy
There are several factors regarding life insurance policies that are required for eligibility.
- You must have one or more life insurance policy that is beyond contestability, (generally two years from the issue date).
- Your life insurance policy must be assignable.
- Most life insurance policies meet the LIFETRUST requirements regarding a high claims paying solvency rating.
- Individually owned policies and group coverage are typically acceptable.
- Your life insurance policy does not need to have cash or surrender value.
A Qualifying Cancer Diagnosis or Simply Over the Age of 65
Each case is medically underwritten based on the type and stage of cancer, the treatments that have been tried and failed and other prognostic indicators.
- Not everyone diagnosed with cancer will qualify.
- Generally, to meet the medical eligibility requirements, depending on the type of cancer, one or more of the following would most likely signify eligibility. Disease recurrence, development of distant metastases or disease that has become unresponsive to treatment.
- To determine your eligibility, independent oncologists conduct
a confidential review of your existing medical records.
- For those with a forecasted life expectancy exceeding five years, they may not currently be eligible.