Life is unpredictable and can change quickly. While we can’t always protect our family’s from life’s struggles,
we can take steps to ease the burden created when hardships occur. Life insurance with living benefits not
only will protect your family when your life is over but also will protect you while you are living.
Life insurance has evolved since its inception. When Life Insurance was first invented was designed to do one thing and one thing only: is to financially protect your family when your life is over. However, today with available modern medicine suffering a Critical or Chronic illness is no longer necessarily means death. That’s where new, evolved Life Insurance policy comes in and helps families tackle added expenses and loss of income. That can be the difference between surviving the illness and having a life afterward.
There are many unexpected events in life besides death. If not properly prepared for, that could cripple a family’s finances in a hurry. So, in the event of a Critical, Chronic, or Terminal illness, your Life Insurance with Living Benefits has an accelerated death benefit rider that will protect you and your family by providing a portion of your policy’s available death benefit. This Living Benefit option will give you access to the money while you are living. These benefits are available in the Term and Permanent policies.
Actions Reported by Americans with Medical debt
In the event of a Critical, Chronic, or Terminal illness and you have met one of the qualifying conditions listed on your policy rider, depending on your policy, you could have a payout ranging from $10,000 to $1 million. Should you elect to take a payout, you may receive payment in installments or a lump sum. That will help your family with medical bills, mortgage payment or rent, or any other expenses burdened by the loss of your income.
To qualify for Living Benefits, you must have one of the qualifying conditions of Critical, Chronic, or Terminal illness included in your policy rider. That illness must be certified by a licensed health professional.
Critical Illness: major heart attack, invasive cancer, stroke, major organ transplant, and kidney failure.
Chronic Illness: it must be unable to perform at least two “Activities of Daily Living,” without assistance for at least 90 days. Activities include eating, dressing, continence, toileting, bathing, and transferring.
Terminal Illness: the presence of an illness or condition where life expectancy does not exceed 12 months or 24 months (can vary by the carrier and jurisdiction).
Most Americans overestimate the cost of term life insurance. Your premiums are based on your age, how healthy you are, and how long you want your insurance to last. The younger you are more affordable it is. Keep in mind, the costs of financial loss of a life-threatening illness can cripple your family financially compared to Life Insurance premiums. Also, note that Living Benefits are included in the policy at no additional premium charge with select programs.
Economical way to protect loved ones through a death benefit.
Rates will not increase during the guaranteed level premium term.
Accelerate a portion of the death benefit if diagnosed with a qualifying critical, chronic, terminal illness
Critical Illness, conditions that may qualify include major heart attack, invasive cancer, stroke, major organ transplant, and kidney failure.
Chronic Illness, it must be unable to perform at least two “Activities of Daily Living,” without assistance for at least 90 days. Activities include eating, dressing, continence, toileting, bathing, and transferring.
Terminal Illness, the presence of an illness or condition where life expectancy does not exceed 12 months or 24 months (can vary by the carrier and jurisdiction).
Convertibility to most permanent life insurance products without evidence of insurability
Convertibility coverage throughout the full 10, 15, 20, or 30- year term
It’s difficult to imagine ourselves in a Chronic, Critical, or Terminal life situation, but if the worst were to
happen, wouldn’t you want to be covered?
Unfortunately, the ‘worst’ happens to over 720,000 Americans a year who suffer their first heart attack, 1.6 million who are diagnosed with cancer, and 795,000 who suffer a stroke. In the midst of the unforeseen, the last thing you want is for your spouse and children to scramble to cover the mortgage, rent, and medical bills. You don’t want to wonder where care will come from if you can’t cover yourself because of a Chronic, Critical, or Terminal illness. Financial stress can also be a concern if you can’t afford to get back to work quickly. After all, your mortgage and car payment won’t wait for you to recover. In fact, 48% of home foreclosures are caused by Critical illness. Don’t let that happen to you.
A policy with a Living Benefit can give you peace of mind.
You Not Alone
Millions of Americans own Term Life insurance policy that will only pay upon the insured’s death. A big percentage of these policies will lapse before the policy term is up. Policies are terminated due to nonpayment of the premium amount. How can you pay for your life insurance policy if your income stopped?!
Don’t fall victim to unexpected situations. Shield yourself and your family from the financial burdens of Critical, Chronic, and Terminal illness with powerful policies that put your concerns at ease.
When was the last time you had your Life Insurance policy reviewed?
For more information about your coverage options, policy review, or to receive a no-obligation quote, contact us today.
