Term Life Insurance with Living Benefits
This isn’t your grandpa’s insurance plan
So much in life insurance is focused on the death benefit that many folks often overlook an even more likely scenario: what if you don’t die? Policies with living benefits offer more than just a death benefit. Living benefits can provide a payout from your own policy should you get a qualifying illness or disability.
Please note, not everyone will qualify for these benefits, which depend on a number of factors including health conditions, medical history and age.
Below are the three major categories of coverage under a living benefits rider:
Chronic Illness or Disability
Suppose you were severely injured or disabled and unable to to work. If your condition required help with at least 2 of the 6 activities of daily living for more than 90 days, you would qualify for a payout to help with living expenses. These include mortgage payments, car payments or other household expenses. Imagine the peace of mind, knowing that in the event of a disability you may still have an income to offset the increased medical costs.
Critical Illness
With modern day medicine, people are surviving critical illnesses now more than ever before. This benefit enables you to accelerate a portion of your death benefit upon diagnosis of a qualifying critical illness (i.e. heart attack, stroke, life-threatening cancer, etc.) These funds can help you avoid the financial burden created by those illnesses, helping you heal. For many, this benefit has meant the difference between keeping and losing your home.
Terminal Illness
Imagine if the doctor told you the horrible news that you have 12 months left to live. What would you do? How would you want to spend your time? With this rider, you can accelerate up to 100% of your death benefit upon diagnosis of a terminal illness. This allows you to use the death benefit payout how you like. It can help reduce the financial burden that can come from medical expenses so you can enjoy your family during those last precious months.
If you’d like to learn more, fill out the form below or schedule an appointment to discuss the possibility, eligibility and cost of a term policy with living benefits.