Does your life insurance policy have Living Benefits?

Living benefits, also known as accelerated death benefits, are provisions in a life insurance policy that allow policyholders to access a portion of their death benefit while still alive under certain qualifying circumstances. These benefits provide financial assistance in times of serious illness, injury, or other specified conditions.
The three main types of living benefits are:
1. Critical Illness Benefit: This allows policyholders to receive a lump-sum payment if diagnosed with a specified critical illness such as cancer, heart attack, or stroke. The funds can be used to cover medical expenses, replace lost income, or address other financial needs during the treatment and recovery period.
2. Chronic Illness Benefit: This benefit is triggered when a policyholder is unable to perform two or more activities of daily living or requires substantial supervision due to a chronic illness. It provides regular payments to cover ongoing care and support services.
3. Terminal Illness Benefit: If a policyholder is diagnosed with a terminal illness with a limited life expectancy, this benefit allows them to receive a portion of the death benefit in advance. These funds can be used to manage end-of-life expenses or fulfill other financial needs.
Living benefits enhance the flexibility of life insurance policies, offering policyholders a financial safety net during challenging times. It’s important for individuals to carefully review and understand the specific terms and conditions associated with living benefits, as eligibility criteria and coverage details may vary among insurance providers.
If you have the older type of life insurance policy, there is a good chance you may not have protection.
Call or Text today for a free policy review and update, even if you did not purchase the policy through us,
210-789-3229