Why Life Insurance with Living Benefits?
Most people think life insurance just pays out at death. However, that is not how this policy works.
This life insurance has “living benefits” meaning it can
be used while the insured is alive! It can help provide coverage for Terminal, Critical, and Chronic Illnesses.
Terminal Illness Condition Accelerated Death Benefit Rider
If 100% of the policy face amount has been accelerated, policy coverage terminates at the time of the payment and there would be no death benefit payable to the beneficiaries at the insured’s death.
Chronic Illness Accelerated Death Benefit Rider
Benefit amount shown assumes the maximum annual election of 24% acceleration of the policy face amount. The maximum benefit over the lifetime of the insured is 90% of the policy face amount or $500,000 including any other accelerated death benefits with the company, whichever is less. The benefit is paid out annually. The benefit amount depends upon the severity of the chronic illness and it’s impact upon life expectancy. Premiums will be reduced proportionately and will continue to be payable on the reduced face amount remaining.
Critical Illness Accelerated Death Benefit Rider
The maximum benefit over the lifetime of the insured is 90% of the policy face amount or $500,000 including any other accelerated death benefits with the company, whichever is less. The benefit amount depends on the severity of the critical illness and the insured’s remaining life expectancy at the time of acceleration. Premiums will be reduced proportionately and will continue to be payable on the reduced face amount remaining.
