Life Insurance with Living Benefits – A Quick Guide
About Living Benefits
It’s common to associate life insurance solely with death, but some life insurance policies can also help you while you’re still alive.
Living benefits in life insurance is a policy add-on that gives you access to a portion of the death-benefit of your policy while you’re still alive. It’s a useful benefit when you’re managing a chronic or critical illness that results in income loss or added medical costs.
Here are 4 quick benefits to a living benefits life insurance policy:
Accessible Cash Value
The primary benefit to a living benefits policy is the accessible cash value while you are still alive.
Replace Loss of Income
The accessible cash value can be used to apply to lost income if you cannot work or need to take a leave of absence for treatment/recovery.
Cover Additional Medical Expenses
The accessible cash value can also be used to cover additional medical expenses (not covered by your health insurance plan) associated with a chronic, critical or terminal illness.
Full Policy Payout
In some cases, your living benefits policy will be eligible for a full payout — while you are still alive — if you receive a terminal diagnosis with a short-term life span (usually 24 months or less).
*Terms apply. Not everyone will qualify and health markers will affect premium rates.
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