Living Benefits

In 2015 the New York Times and the Kaiser family foundation conducted the first study on American families struggling with medical bills. It revealed that health insurance often falls as a safety net.You should not have to worry about medical bills while sick. You should not have to lose your savings. Living Benefits are important because the odds of suffering and serving catastrophic Illness are high.

Traditional Life Insurance offers Death Benefit while we offer Living benefits that cover Chronic Illness, Critical Illness, and Terminal Illness. Living Benefits-life insurance you don’t have to DIE to Use. Anyone who has experienced the gift of true peace of mind because of Living Benefits will tell you it is life-changing. My goal is to share the gift with as many people as possible.

Living Benefits

Living benefits are most often associated with permanent (cash value) life insurance. But even term life insurance policies can be purchased with one or more riders, which will pay you money while you’re still alive—under circumstances, you, frankly, hope you never find yourself in. Hint: Those circumstances all have to do with illness:

  • You’re terminally ill. You can receive a portion of your death benefit in advance, for help with medical expenses, one final around-the-world fling, or whatever.
  • You’re chronically ill. Frequently you’re considered chronically ill if you can’t perform several of the six activities of daily living, such as getting out of bed, feeding yourself, bathing, and so forth. You can receive a portion of your death benefit in advance, in situations like this.
  • You’re critically ill. That could mean you’ve been diagnosed with a heart attack, stroke, cancer, end-stage renal failure, major organ transplant, or some other pretty grim illness. Again, you can get some or all of your death benefit early—in time to be of some use to you.

Different Seasons of Life Require Different Investment and Planning Approaches

The living benefits offered by term insurance policies have to do with illness. And they all have something else in common. Did you notice what it is?

These are accelerated benefit riders. They only affect when the insurance company pays the money. They don’t affect how much is paid.

That means, for example, that if you have a $100,000 death benefit, and you receive $75,000 prior to your death because you qualified under one of these riders when you actually do pass away, the insurance company will pay only the remaining $25,000. They’ve already paid $75,000; they won’t pay that again.

Now, let’s go beyond term life insurance, to see what living benefits are available on the other broad type of life insurance, permanent life insurance.

Smart Money Learning specializes in providing objective financial educations to help clients manage, grow, and protect their assets during their working lives and through retirement. As fiduciary consultants, we prefer to serve our clients – not sell to them. Contact us for more information ☎ (949) 682-8263

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