Living Benefits are Accelerated Benefit Riders which provide the potential to receive a partial or full accelerated life insurance benefit if the insured is diagnosed with a qualifying medical condition.
Living Benefits can provide an unrestricted cash benefit when it is needed to help you at a critical time and help protect the money you have saved for retirement and other life needs.
The partial of full accelerated death benefit may be paid in lump-sum or applied to an annuity that will provide income for a specified period.
FULL ACCELERATION: Full Acceleration is paid in lieu of the policy’s death benefits. In the case of a full acceleration, the policy will be terminated after acceleration is paid.
PARTIAL ACCELERATION: Partial Acceleration is paid in lieu of a portion of the policy’s death benefit.
With Living Benefits, you no longer have to die to receive the financial benefit.
Every year, millions of Americans are diagnosed with a heart attack, stroke, or cancer. The average age of a critical illness claim is 43.
70% of those people will survive, but more than half of those will go bankrupt at an average age of 44.
If you get sick and can’t go to work, how will you pay your bills?
Additional Benefit Options for no additional Premium:
For many years, insurance was purchased to provide death benefit protection for surviving family members. However, insurance did not help when an insured was struck down by a debilitating critical, chronic, or terminal illness.
Illness Categories:
Critical Illness: in 2016, nearly 800,000 Americans between ages 35 and 64 were hospitalized. * It is not only older Americans who are susceptible to critical illness as younger people also suffer from cancer, heart attacks, and strokes. Whether you are young or old, the same issues can arise. You could become unable to work full-time, require family members to miss work to provide care, and force astronomical medical bills. Where will the help come from?
Chronic Illness: Chronic Illness is a health condition or disease that is persistent or otherwise long-lasting. Chronic illness causes about 70% of deaths in the U.S. and approximately 45% of Americans suffer from at least one chronic disease. ** With numbers like this, the majority of Americans will experience a debilitating chronic illness sometime in their life. When that happens, your financial world is turned upside-down. How do you pay for that?
Terminal Illness: Imagine for a moment you go to the Doctor for a routine test and the Doctor tells you that you have at most six months to live. Let that sink in. It would feel like you had been kicked in the gut by a mule. It would be like sitting on a stool and having someone pull it out from under you. And that same feeling will be experienced by every family member and every friend you have. How do you deal with it? And how do you deal with the fact you will be unable to return to work to provide for your family; be unable to pay all the mounting medical bills that will come in addition to life’s daily expenses? Instead of being the caregiver for your family, your family becomes your caregiver. How do you pay for all of that?
For Additional information on what Living Benefits may be available for you contact us.
(Living Benefits vary depending upon Insurance Company, policy, and state of residence)
*Preventing 1 Million Heart Attacks and Strokes. VitalSigns.C.D.C. (n.d.) May 2017. Retrieved from https://www.cdc.gov/vitalsigns/million-hearts/index.html
**Raghupathi, Wullianallur and Viju Raghupathi. “An Empirical Study of Chronic Diseases in the United States: A Visual Analytics Approach” 1 Mar. 2018, https://www.ncbi.nlm.nih.gov/pmc/articles/PMC5876976