Is your life insurance more than 5 years old?
Chances are your older life insurance policy does not offer living benefits protection. You should request a review of your insurance policies by a qualified insurance agent.
What is Living Benefits Protection in life insurance?
Living benefits protection helps to ease the financial stress of a critical illness, offered as part of a life insurance policy. Today, many life insurance plans are customizable through the policy “riders.” A rider, like living benefits protection, is an option that can be added onto a life insurance policy to provide additional protection and/or benefits. Riders create flexibility by enabling policy owners to design a combination of base plans and additional options that best suit their needs. Some riders are automatically included with the insurance; others must be requested, but do not have an additional cost attached; still others can be obtained at an additional premium. Each has its own unique features and purpose.
Peace of mind
Living benefits protection can help offer peace of mind at a critical time. It entitles the policy owner to an early (accelerated) payout of policy death benefits: 1) if the insured is diagnosed to have a life expectancy of 12 months or less. 2) The Living Benefits Protection can help make the insured’s remaining time as comfortable and as dignified as possible. With the escalating costs of medical bills, too many terminally ill patients are faced with financial hardship during the worst possible time. As a person deals with the emotional and physical struggles of terminal illness—as well as the impact on loved ones—the last thing needed is the additional stress of astronomical medical bills.