MOST PEOPLE DON'T KNOW THEIR LIFE INSURANCE CAN DO THIS!
- Cheryl "Shon" Newsome
- 5 days ago
- 3 min read
Updated: 5 days ago
What are Living Benefits
for life insurance ?
When most people think about life insurance, they picture something their family receives after they’re gone. But what if your life insurance could also protect you while you’re still alive?
Today’s life insurance solutions can do much more than provide a death benefit. Certain policies are designed to offer financial protection, flexibility, and even access to benefits if life takes an unexpected turn.
That’s why more families are exploring Indexed Universal Life (IUL) insurance as part of their financial strategy. If you are unfamiliar or out-of-date on the newer life insurance policies, schedule a review today.
Modern Policies to Meet Modern Needs
Life is unpredictable. Illness, accidents, and unexpected financial challenges can happen at any time. Life insurance helps create a financial safety net that can help your loved ones cover things like:
✔ Mortgage or rent payments, ✔ Daily living expenses, ✔ Debt or medical bills
✔ College education for children, ✔ Final expenses and more
If you are underinsured or uninsured, Go Fund Me is not the best strategy.
What Is Indexed Universal Life (IUL)?
Indexed Universal Life insurance offers permanent life insurance protection along with potential financial growth. Unlike traditional policies, an IUL can provide additional flexibility and features, including:
✔ Lifetime coverage as long as policy requirements are met
✔ Potential tax-deferred growth of your policy’s account value
✔ Interest based on how market indexes like the S&P 500 perform, giving you growth potential when the market goes up while protecting you from losses if the market goes down.
Starting your policy early allows it to grow over time, while ensuring it continues to provide the essential protection your family needs today. See how you can protect yourself and your family today.
Living Benefit Riders
One of the most valuable features of certain life insurance policies is something called living benefits, also known as accelerated death benefit riders. These benefits allow you to access a portion of your death benefit while you are still alive if certain medical conditions occur, providing help when you need it most.
This financial support can help with: ✔Medical expenses, ✔Home care costs, ✔Lost income, ✔Assistance at home during recovery ( cooking, cleaning, child care, transportation, lawn care, etc.)
See how you can protect yourself and your family today.
Three Types of Living Benefit Riders
Three types of living benefit riders are critical, chronic and terminal illness riders.
Critical Illness Benefit Riders
If you are diagnosed with certain covered critical illnesses, you may be able to access a portion of your death benefit. This benefit can provide funds when medical bills and financial stress are at their highest. Covered illnesses may include things like:
Heart attack, Stroke, Major organ transplant, ALS Certain cancers, End-stage renal failure
Chronic Illness Benefit
If a qualifying chronic illness prevents you from performing two out of six daily living activities, your policy may allow you to access a portion of the death benefit to help cover long-term care costs or additional support services. These activities include things like: Bathing, Eating, Dressing, Toileting, Continence and Mobility
Terminal Illness Benefit
If a doctor diagnoses a terminal illness with a life expectancy of 24 months or less, this rider may allow you to access up to 100% of your policy’s death benefit. This can help families focus on what matters most during a difficult time instead of worrying about finances.
Life insurance isn’t just about preparing for the future. It’s about creating financial protection for life’s unexpected moments. See how you can protect yourself and your family today.
The Biggest Mistake People Make
The biggest mistake many families make is waiting too long. Life insurance is generally more affordable and easier to qualify for when you’re younger and healthier. Waiting until a health issue appears can limit your options. Planning ahead gives you more choices and helps protect the people you care about most.
Every family’s financial situation is different. The best way to determine if living benefits and Indexed Universal Life insurance fit your goals is to review your options with a professional. See how you can protect yourself and your family today.
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