Living Benefit Life Insurance
We have all heard of life insurance that provides financial support to your family if you were to die prematurely. However, what if you suffer from a heart attack, stroke or other critical or chronic illness and live!? The probability of a such a health event is much higher than premature death. In fact, three out of every four people over the age of 40 will experience a critical or chronic illness in their lifetime, and face financial hardship as a result. Living benefit life insurance protect you and your family against both your premauture death and the occurance of a critical or chronic illness or an assident that leaves you unable to fend for yourself.
You may think, why do I need that if I have health insurance? Sadly, most bankruptcies in the United States occur within one year of a serious medical event where the insured was covered by healthcare insurance. Healthcare doesn't insure the quality of your life, it doesn't provide for you and your family. Your health insurance pays the hospital and your doctors, not you. Health insurance may make certain that the covered medical bills are paid, but it won't make certain your mortgage is paid, or your children's college education. Living benefit life insurance allows you to access your life insurance death benefit and use those funds to support you and your family in case of critical or chronic illness. Imagine, a living benefit life insurance is a life insurance policy that pays you directly in the case of severe chronic, critical or a prolonged terminal illness or accident. That is the benefit of living benefit life insurance; the insurance company pays you your death benefit while you are alive so that you can pay your bills as you see fit. Even more, living benefit life insurancecost no more than the old fashioned "death benefit" life insurance. With living benefits your life insurance policy doesn't just insure your life, it insures your quality of life for you and your family. Oh, and one more thing, this living benefit is available in both Term insurance and Whole Life insurance policies.
In fact, most bankruptcies in the United States occur within one year of a serious medical event where the insured was covered by healthcare insurance. But healthcare doesn't insure the quality of your life, it doesn't provide for you and your family.
With this new living benefit life insurance, we need to stop thinking of life insurance as a just a tool to support our family when we die. Living benefit life insurance can replace long-term care insurance as well as provide for your family when you are gone. Doesn’t it make sense for the benefits to be available for the difficult financial times you are likely to face if a chronic, critical, or terminal illness precedes death? The most impressive feature of this new type of life insurance is that just like other upgraded technologies, this upgraded life insurance cost no more than the old type that offers a benefit only when you die.
The most impressive feature of this new type of life insurance is that just like other upgraded technologies, this upgraded life insurance cost no more than the old type that offers a benefit only when you die.
Living benefit life insurance is one of the reasons why Shield Insurance Solutions is so passionate about what we do every day. Different insurance
companies have different approaches to the concept of living benefits within a life insurance policy, which are sometimes referred to as a Long-term Care rider (LTC rider) or accelerated death benefits. Because we work with the best life insurance companies, we can find the best life insurance company and best value with living benefits. With some insurers, accelerated death benefits or long-term care rider's increase your premium expense or decrease your total benefits. However, more and more insurance companies are starting offer living benefit life insurance because it out-competes the old fashioned policies.
Consumers need to consider that the concept of true living benefit life insurance is so new that some insurance agents still don't realize that these are benefits in addition to any cash value your policy may have accrued. We still find many insurnce agents believeing that living benefit life insurance is dimply referring to the cash value build up in a policy. That is not living benefit life insurance. With true living benefit life insurance you can purchase a $500,000 policy today and have that benefit available to you tomorrow if you came down with cancer or had a serious heart attacke. It's not the cash value that takes years to accumilate. In fact, living benefit life insurance is available in term insurance policies as well as cash value policies. Not all the top life insurance companies have the living benefit feature just yet. We would be happy to discuss with you the advantages and disadvantages of the different approaches various insurance companies have to living benefit life insurance. As an independent insurance company our role is to advise you on the best policy for your needs, budget and expectations. We will shop your life insurance quote with over 50 insurance companies rated A or better to be certain you get the best deal available. Living benefits are available with both term insurance and cash value insurance. Our process is completely transparent so that you can see the quotes offered from the top insurance company to the bottom. At your request we will show you the prices quoted from every company, with or without living benefits, so that you can be confident the final life insurance quote you accept is the best value for your needs. Please take a moment to watch the brief video below.
Living benefit life insurance is available in term insurance policies as well as cash value policies.