STAMFORD, Conn., Aug. 22, 2019 /PRNewswire/ -- According to the American Cancer Society, prostate cancer is the second most common cancer in American men, affecting more than 10 percent of the population. Ovarian cancer, by contrast, is far less common (roughly one in 75 women will be diagnosed), but has much lower survival rates. Recognizing Prostate and Ovarian Cancer Awareness Month this September, specialty lender Fifth Season Financial has developed a solution to help alleviate the financial strain associated with these cancers as well as other advanced-stage illnesses.
Financial toxicity — or, the financial stress brought on by highly expensive medical treatment — is a critical threat to many patients facing a diagnosis of prostate or ovarian cancer. Fifth Season Financial's Funds for Living and Giving (FLAG) program addresses this problem by leveraging an asset that many already have, but don't always capitalize on – their existing life insurance policy.
"Financial toxicity is a distressing and far-too-common experience — but it doesn't need to be," said Fifth Season Financial president Adam Balinsky. "We provide financial relief to individuals at a time when they need it most. As these burdens are mitigated, quality of life can be improved."
Fifth Season Financial's FLAG program advances individuals a significant portion of their life insurance policy. With zero restrictions on how the funds can be used, clients are empowered to spend them in whichever manner best suits their needs.
Throughout the process, the individual's policy is kept in place. Fifth Season Financial handles all remaining premium payments and out-of-pocket expenses. Unlike a life settlement, which can take several months, the FLAG process is typically only four to six weeks. 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.
"No one should have to choose between taking care of themselves and taking care of their loved ones," noted Balinsky. "Our FLAG program frees up clients' finances to devote to the things that matter most. We provide access to funds when they are needed (funds for living), while maintaining a portion of the policy for the surviving family (funds for giving)."
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 serious illness. The Funds for Living and Giving (FLAG) program utilizes an often-overlooked asset for people with advanced-stage illnesses – their life insurance policy. 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.