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Many people often have questions about life insurance that includes living benefits. Individuals want to know exactly what this means and how it could provide a sense of security and peace of mind.

We get it. Often, individuals are not even familiar with what these policies entail and if living benefits are truly worth it. You may be asking yourself, will I ever even need this and if I did, how do the payout options work?

We have been in the life insurance industry for a long time and can tell you that including living benefits into your life insurance plans and financial portfolios is a decision you will never regret.

We are experts on this topic and living benefits is what we handle most. Answering your questions and helping you understand the importance of life insurance with living benefits is our number 1 goal.

Our number 2 goal is making sure you are provided coverage at the lowest possible price and with the least amount of hassle on your end as possible.

It’s what we do and what we believe in.

Understanding Life Insurance with Living Benefits

When purchasing life insurance, most individuals are only thinking about one possibility and one outcome. Death. Unfortunately, death is cheaper than living with any form of critical, chronic or terminal illness in nearly every circumstance.

Don’t misunderstand us. We completely understand that death is expensive and could leave your family in financial ruin. Have you ever considered how much financial strain living with any critical illnesses may cost your family? What about chronic illnesses or terminal illnesses?

Are they prepared to pick up this bill for you?

Most of the time, the answer to this question is no. They are not prepared, and neither are you. That’s okay, we are here to help solve this problem for you.

Some Eye-Popping Statistics

Did you know that according to the American Cancer Association in 2018, it was estimated that 1,735,350 individuals would be diagnosed with cancer and of that number, 609,640 would pass away?

According to the American Cancer Society, these individuals suffered from a grand total of 3.9 billion dollars in out of pocket cost due to the illness.

Were you also aware that the number 1 factor contributing to individuals filing bankruptcy is medical bills? When you begin to think about these statistics, it’s probably easy for you to see where we get our passion for life insurance with living benefits from.

We are aware that long term care insurance and disability insurance can’t always save the day and we know better than anyone how beneficial living benefits could potentially be for you and your family.

If you want our opinion on the topic, it’s simple. Why not cover the potential of financial ruin during life and afterlife? Why not provide our families with the ultimate protection and leave nothing to chance?

We haven’t found a good reason proving us wrong either. We do want to be sure you have a full understanding of life insurance with living benefits. Let’s cover a few more of the details.

Understanding Death Benefits Vs. Living Benefits

Another big question we hear often is the difference between living benefits and the actual death benefits a life insurance policy will pay to you or your beneficiary upon your passing depending on which payout options you elect during the life of your policy.

Death Benefits and Life Insurance

When you have a policy that does not include living benefits, your beneficiaries will receive your total face value of your life insurance policy upon your death. No additional funds will be available while living regardless of chronic, critical and terminal illnesses that you may encounter prior to death.

Living Benefits and Life Insurance

With living benefits, a new problem is solved for you and your family. You now can accelerate a percentage of your death benefit in the event of the costly and financially back-breaking events that can occur such as critical, chronic and terminal illness care.

Not an option you want to pass up if given the choice. Trust us.

What Can Living Benefits Do for Me?

Here’s a look at the three primary ways living benefits can kick into action and help reduce financial strain for you and your family in the future.

Chronic Illness

With living benefits, chronic illness is one of three categories that have you protected. Chronic illness is defined by not being able to perform at least 2 of 6 daily activities. The six daily activities include the following.

•    Eating

•    Bathing

•    Getting Dressed

•    Toileting

•    Transferring

•    Continence

In most circumstances, when you can no longer perform 2 of these 6 daily activities, you can expect to either need in-home care or other professional care. Option B would be placing that burden and financial strain on a spouse, child or another family member. We don’t want that for you, and I’m sure you don’t either.

When you have Chronic Illness through the proper planning and purchase of life insurance with living benefits, you can begin to rest easy knowing that help can be provided.

Chronic Illness would kick into action in this situation and allow you to accelerate in most situations and with most life insurance companies up to 24% of the total face amount.

Let’s assume you had a 500,000-life insurance policy with living benefits. You could be given 500,000 x .24= 120,000 in financial relief. This can go a long way to reduce strain on family relationships and financial burden.


Critical Illness or Injury

Critical illness is another event that will trigger the capability to draw cash from your life insurance while living. Critical illness can be triggered and defined by most life insurance companies by the following circumstances taking place.

•    Major Heart Attack

•    Invasive Life-Threatening Cancer

•    Stroke

•    Major Organ Transplants

•    End Stage Renal Failure

•    ALS (Amyotrophic Lateral Sclerosis)

•    Blindness Due to Diabetes

•    Paralysis to Two or More Major Limbs

•    Burns

•    Coma

•    Aplastic Anemia

•    Benign Brain Tumor

•    Aortic Aneurysm

•    Heart Valve Replacements

•    Coronary Artery Bypass

•    Graft Surgery

•    Coma

•    Myocardial Infarction

•    Advanced Alzheimer’s

•    Major Organ Failure

When one of these unfortunate circumstances presents itself, your family could be in a tough state of mind and may not feel like they have somewhere to turn for help. When you have life insurance with living benefits, you could accelerate up to 95% of your death benefit to help cover the cost.

It may not seem like much, but in a time of emotional distress, one less thing to worry about may be more valuable than you believe.

Terminal Illness

Terminal Illness is going to be the third-way life insurance with living benefits can provide a saving grace to your family in a time of need.

With nearly all life insurance companies that offer terminal illness or life insurance with living benefits, the individual’s life expectancy would need to be 12 months or less. In rare circumstances, a company may offer this benefit with a life expectancy of 24 months or less.

Most life insurance companies offer up to 95% of your total face amount or death benefit for your life insurance policy when this tragedy does strike. To give you another quick example, let’s assume you have a 500,000-life insurance policy.

Your payout taking advantage of the living benefits included in your policy would look like the following.

500,000.00 x .95%= 475,000.00

Not a bad situation to be in during a time of such dire financial burdens.

No Need to Go Bankrupt. It’s All Avoidable

That may have been a lot of information to take in. We get it. The main take away to understand is that not planning now can have devastating effects on yourself and your family in the future. A logical reason doesn’t exist on why more individuals are not considering life insurance with living benefits.

In many situations, the cost doesn’t increase, and no additional underwriting or steps are involved in the process. It’s merely being informed and working with an Independent Life Insurance Agency that understands and wants to help.

Life Insurance with Living Benefits Quotes

If you aren’t convinced by this point maybe, it’s time to flash the numbers at you. If you are ready to view quotes, you can simply use our quoting tool. Compare the rates for these policies with the best life insurance companies we all know and trust.

We think you will be surprised at how cheap life insurance with living benefits can be for the peace of mind and benefits it can provide.

Will I Qualify for Life Insurance with Living Benefits?

This depends but the only way to find out is to try. Life insurance with living benefits requires no additional underwriting. It’s no more stringent of a process than applying for a policy that doesn’t offer living benefits.

You do however need to be aware that some restrictions do apply that are out of the scope of your general health. Here are a few considerations to be sure to ask a professional like us about.

•    State Restrictions May Apply (Check with Us for Availability and Pricing)

•    Issue Ages May Be Limited– Maximum Ages (18-65 is Typical Age Range)

•    Face Amount May Be Limited– (Example 1.5MM dollar Policy Is Often the Cap or Max)

•    Administrative Fee May Apply When You Request the Payout– (Often 250.00 One Time Fee)

What Life Insurance Companies Are Offering Living Benefits?

Hundreds of life insurance companies offer certain riders and additional benefits but fewer companies offer full living benefits as an option. It’s always important to check with your agent and ask all the questions necessary. Currently, some of the top companies we love for coverage including living benefits would include.

•    Foresters Financial

•    American National Life Insurance Company

•    Phoenix Life Insurance Company (Nassau Re)

What Types of Life Insurance Offer Living Benefits?

Your primary core life insurance policies offer living benefits. Permanent life insurance, as well as Term life insurance, can offer living benefits built into your policy. Be sure to speak with an agent about all your options. We know what we are doing and would love to help.

Are Living Benefits Considered a Rider on My Policy?

No. What you are thinking of is known as an accelerated death benefit rider which is also offered by several life insurance companies. A policy with some of the companies such as the ones listed above does not need a particular rider attached to the policy. The living benefits are built in automatically.

Consider it a bundle deal. Doesn’t get much better than that.

Other Common and Frequently Asked Questions

How Do I Know If I can Submit A Claim for My Living Benefits?

It depends if you are trying to trigger your cash proceeds for critical, chronic or terminal illness.

For example, if you are attempting to collect cash due to a terminal illness, you would need a certified document from your physician stating your life expectancy is projected to be 12 months or less. Sometimes 24 months or less like we mentioned previously.

The same would apply for Critical and Chronic illness claims. When you attempt to collect the cash proceeds while living, you will need a certified physician to sign off on the situation proving that you meet the criteria that your specific policy entails.

What If I’m Considered High Risk or Get A Sub-Standard Rating?

Let us handle that for you. Underwriting with life insurance is complicated and would bore you to death.

Some restrictions do apply. Often if you are rated a table 4 or table D, you would have other stipulations built into the policy. Other times, a separate “flat extra charge” may be assessed. I’m assuming you are bored already so if this is a fear of yours, give us a call and we will walk you through the process.

We not only understand how to underwrite you effectively and get you the best possible rating, but we handle questions like this to help ease your mind. It’s what we do.

What If I Don’t Need All of The Cash? Can I Only Take A Portion?

You bet. No worries here at all. If you fit the criteria for triggering chronic, critical or terminal illness, you can opt to take any portion up to the maximum. The remainder will be left intact as your death benefit to be paid to your beneficiaries upon your passing.

How Will I Receive My Cash from My Living Benefits?

Some companies have different policies and procedures. In nearly all circumstances, you will take the cash as a lump sum if your illness is due to critical or terminal illness. If it’s due to chronic illness, you will have the option to take the cash in installments but only in limits declared by the IRS (HIPPA Per Diem Limits)

In addition, we are life insurance experts, not accountants. We would love to help you with both, but we prefer to be experts on one topic and not a jack of all trades. Be sure to always consult with an accountant to maximize your cash payout while minimizing the tax burden.

Are You Ready to Get Started?

Do you feel like you have heard enough? Are you wanting to get started? If so, we recommend using our rate tool or giving us a call today. An experienced agent will be standing by to go through all your options and handle your case with diligence, expertise, and care.

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