STAMFORD, Conn., Sept. 5, 2018 /PRNewswire/ -- How do Americans prioritize end-of-life decisions? New findings indicate many would focus on protecting themselves and their family from added financial stress. According to a recent survey of 1,003 nationally representative U.S. adults, 18 and older, 79 percent would place paying for financial priorities within their top-three list of most important things to do, if suddenly faced with an advanced stage illness. Fifth Season Financial, a financial services provider, offers solutions to help combat the stress and lifestyle challenges associated with financial toxicity in situations of serious illness.
The survey, conducted by Wakefield Research on behalf of Fifth Season Financial, found that, upon receiving an advanced stage illness diagnosis, many Americans would choose to mitigate financial commitments, such as end-of-life expenses, medical treatments and loan repayments. Nearly half (49 percent) included covering end-of-life expenses in their top three priorities. Paying for medical treatment in the hope of a cure or remission was also high on the list at 41 percent.
"There's a phrase for the mix of medical and financial pressure that so many patients with a serious illness face – financial toxicity," said Fifth Season Financial President Adam Balinsky. "Our Funds for Living and Giving (FLAG) program is an innovative approach to financial assistance that leverages an asset most individuals already have: their existing life insurance policy. Perhaps the most empowering part of FLAG — and the element that best helps overcome financial toxicity — is the complete lack of restrictions with the funds."
With FLAG, individuals can spend their funds in a way that best suits their context and lifestyle, with absolutely no stipulations or conditions. Some individuals may use the funds to pay down medical bills; others may take a memorable trip abroad with family and friends; and others still may carry out long-overdue home improvements, or give a generous gift to loved ones.
Fifth Season advances to individuals a significant portion of the face value of their life insurance policy. Unlike a traditional loan, there are no current payments – any fees and costs (plus the loan itself) are paid at a later date from policy proceeds. Further, FLAG covers individuals' premium payments, helping reduce the bills that led to financial toxicity to begin with.
Another finding of the study proved that many would still be committed to living their best lives in the time they had left, making the end of their lives more meaningful. 38 percent of respondents considered spending their dollars traveling and having new experiences with friends and family as the top priority if faced with such a diagnosis. Balinsky continued, "Our goal is to provide sorely-needed financial resources to individuals to enable these life experiences. We are proud to offer the lowest interest rate in the industry and are committed to helping all our clients live the fullest life possible, even after the diagnosis of an advanced stage illness."
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 Twitter 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 serious illness. The firm's Funds for Living and Giving (FLAG) program utilizes an often-overlooked asset for people with advanced stage illnesses – their life insurance policy and in more than 90% of cases, funds remain to pass on to beneficiaries. Fifth Season has provided more than $115 million in financial assistance to nearly 400 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.
SOURCE Fifth Season Financial