Introducing Living Benefits
Life insurance is much more than what you may think it is. You no longer have to die to get benefits. You can make a request for money from your life insurance while you are alive if you suffer a critical illness, terminal condition, or need long term care services.
The money comes from the face value (death benefit) of your life insurance and is TAX FREE.
Qualifying Events
Access benefits if you suffer a Critical Illness (heart attack, stroke, cancer, etc.), need Long Term Care services (unable to perform 2 activities of daily living or cognitive impairment), or receive a Terminal Diagnosis (6-24 months).
How Much Is Available?
Payouts depend on severity. A moderate impairment might offer 35-40% of the death benefit, while a severe case might make 50-65% available. Life expectancy is key: the shorter the expectancy, the more dollars available.
How It Works
You have the final say. If you accept a living benefit payment, some carriers will terminate the policy, while others allow the death benefit to continue at a reduced amount. If you decline, the policy continues normally.
How Much Coverage?
Coverage needs vary. A single person might want $100,000 for critical illness protection, while a young family might need 15 times their annual income. Work with an advisor to carefully analyze your proper coverage amount.
Term vs. Permanent
Living benefits are available on both. Term is competitive for high-expense years. However, a client could outlive a term contract. For a solid long-term-care strategy in your 70s and 80s, permanent life insurance is recommended.
The Allure of Living Benefits
Critical and chronic illnesses touch us all. Having access to life insurance death benefits while still alive to ease financial burdens is highly desirable and answers the ultimate question: “What’s in it for me?”
What should you do now?
Click the green button below and enter some basic information. We will help you find a trained agent in your area who offers life insurance with living benefits.