, Dec. 11, 2019 /PRNewswire/ -- A recent study by the National Institute for Occupational Health and Safety revealed that cancer is currently the leading cause of death among firefighters. Recognizing the need for resources to support the brave men and women who put their lives on the line for others, specialty lender Fifth Season Financial has developed a solution for firefighters to help alleviate the financial strain associated with cancer and other advanced-stage illnesses.
According to the National Cancer Institute, anywhere from one third to over three quarters of cancer survivors exhaust their savings to finance medical expenses, which can cost tens of thousands of dollars per month. Not only are firefighters at greater risk for cancer – they are also succumbing to cancer-related deaths at a higher rate than the general public.
Fifth Season Financial's recent blog post, Relieving Financial Pressure for Firefighters Battling Occupational Cancer
, includes information on the company's Funds for Living and Giving (FLAG) program. The FLAG program addresses the issue head-on by leveraging an asset that many people have, but don't always capitalize on: their existing life insurance policy.
"Oftentimes, when we think of the occupational hazards associated with firefighting, it's the immediate dangers that first come to mind," said Fifth Season Financial president Adam Balinsky
. "The long-term effects of prolonged exposure to smoke and toxic chemicals, however, are also very real. At Fifth Season, our goal is to help these courageous individuals – and all of those facing a serious illness – avoid financial hardship so they can focus on their health and maintain the best quality of life possible."
Fifth Season Financial's FLAG program allows individuals to access a portion of the face value of their life insurance policy (as opposed to the cash surrender value) at a time when financial assistance is most critical. With no restrictions regarding how the advance can be used, clients are empowered to spend their funds in whatever manner best meets their needs and lifestyles.
Since the FLAG advance is structured as a loan, it's generally not treated as taxable income to the borrower. Further, because life insurance proceeds are usually received tax-free to beneficiaries, there is typically no tax leakage when borrowing against one's own life insurance policy.
Throughout the process, the individual's policy is kept in place. Fifth Season Financial handles all remaining premium payments and out-of-pocket expenses. Ultimately, the advance is repaid using the proceeds of the policy and, in more than 90 percent of cases, funds remain to pass on to beneficiaries.
Fifth Season Financial is located at 2777 Summer Street, Suite 304 in Stamford, CT
. They can be reached at (866) 459-1271 or by visiting www.fifthseasonfinancial.com. For the latest news and updates, follow @5SeasonFin on Facebook and @fifth-season-financial-assistance on LinkedIn.
About Fifth Season Financial
Since 2007, Fifth Season Financial has offered a solution to combat the financial strain caused by late-stage illness. The Funds for Living and Giving (FLAG) program utilizes an often-overlooked asset for people with cancer and other advanced-stage diseases – their life insurance policy and, in more than 90 percent of cases, funds remain to pass on to beneficiaries. Fifth Season has provided over $190 million
in financial assistance to more than 600 patients across the United States
. Clients are able to secure immediate cash advances with no restrictions and leave funds for their beneficiaries later. For more information, visit www.fifthseasonfinancial.com.
Press Contact: Kelly Lee
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SOURCE Fifth Season Financial