What are living benefits?
In most cases, the main benefit of term life insurance is a pay out to your family when you pass away so that they can pay for everyday expenses, the mortgage, your funeral expenses and more. However, some term life policies offer benefits you can use while you’re still living if you were to develop a chronic illness or injury such as heart attack, stroke, cancer, etc.
Typically, living benefits include, but are not limited to:
– Unemployment Waiver of Premiums – Your premium payments can be waived for up to 6 months if you become unemployed.
– Accelerated Death Benefit – If you are diagnosed with a critical, chronic or terminal illness, you can use up to 95% of your death benefit to help your family pay for medical and other expenses.
– Return of Premium – Get up to 100% of your premiums back if you outlive the term of your policy.
– Disability Income – You’ll get a monthly income for a pre-determined time if you become disabled and unable to work.
Why are living benefits important?
When most people think of life insurance they think of it as a way to protect their family if they should die. They do not want to add to their family’s grief by leaving them in a financial crisis. However, what if a tragedy leaves you or a loved one alive and unable to work or needing expensive care and treatment. We think it is vitally important to consider what what happen to your families financial situation if you or your loved one became ill. The costs associated with medical treatment and care can be staggering. Living benefits are designed to help in those situation and should be considered when looking of the right insurance to meet your needs.