1. What types of policies can be used?
ALL in-force life insurance policies may qualify, including Term, Convertible Term, Term-to-100, Universal Life, Whole Life, and Joint Last-to-Die.
2. Are there on-going premium obligations?
Most life insurance policies have on-going premium obligations. As part of E-CLIPTM Plan these get fully paid and factored into the approved funding.
3. How and when is my loan paid off?
Your loan obligations comprise cash amounts advanced by E-CLIPTM Plan directly to your care providers and to cover insurance premiums plus any and all accrued interest and other costs as outlined in your loan agreement. The sum of all these payments and accrued charges will be paid to E-CLIPTM Plan out of the proceeds from your life insurance policy at death.
4. What happens with the remaining insurance policy proceeds after all my obligations have been met?
The E-CLIPTM Plan program is designed to ensure that your full obligations now and in the future will never exceed the face value of your policy. The residual balance after all your obligations have been settled will be paid directly to your estate or beneficiaries by the insurance company.
5. Are the monthly advances taxable?
The cash advances you receive or payments made on your behalf as part of the E-CLIPTM Plan are tax-free. Because this is a loan, the money you receive is not added to your taxable income and doesn’t affect Old Age Security (OAS) or Guaranteed Income Supplement (GIS) government benefits you may receive.
6. How do I apply?
At this time, this site is for information purposes only. If you wish to discuss the E-CLIPTM Plan further, Contact us, or kindly call 1-877-810 9052 or e-mail info@life-funding.com providing information about your interest and contact details where you can be reached.
7. Is a medical required?
No medical information is required to qualify for the E-CLIPTM Plan. However, personal information like date of birth and a brief medical history will be required, together with full permission to for Elder-Care Life Funding Ltd, on a confidential basis, to make enquiries from your insurance company. Accuracy of the information provided is an integral condition of your agreement with the E-CLIPTM Plan.
8. What happens if I want to settle early?
There are no restrictions to early settlement of your obligations under the E-CLIPTM Plan. The basis and terms for early settlement of all liabilities and accrued obligations will be clearly outlined in your E-CLIPTM Plan.
For more information about funding criteria and eligibility, Contact Us
This site is for information purposes only and does not constitute an offer to sell or subscribe to anything.