Protection For When
LIFE HAPPENS
When life throws you a curveball, life insurance
can help — and not just when there’s an
unexpected death in the family.
+ Get money in the event of a qualifying health emergency
+ Avoid tapping into your source of retirement income
+ Protect what matters most and
leave a legacy
Protect what matters most and
leave a legacy
What Is Living Benefits Term Life Insurance?
Living Benefits life insurance represents a modern twist on life insurance coverage. A policy featuring living benefits riders (also known as accelerated benefit riders, or ABRs) will grant “early access” to the policy’s death benefit while the insured party is still alive if they are to suffer any of the triggering conditions contained in that policy’s living benefits riders.
How do Living Benefits Work?
Once a qualifying health event has occurred on an active policy, a Living Benefits policy will allow the insured party to accelerate the death benefit, essentially allowing early access to the policy’s death benefit at a discounted rate. That discount will vary depending on the severity of the illness or injury. The more impact the health condition had on the insured’s life expectancy going forward, the more money they will be offered per given amount of death benefit.
For example, a client with a $500,000 Term policy who suffers a major, life-threatening cancer diagnosis may be offered $400,000 in exchange for accelerating their full $500,000 policy. On the other hand, a client who suffers a minor heart attack and whose prognosis is very positive may only be offered $100,000 in exchange for the full $500,000 acceleration. In all cases, it is the client’s decision of whether to accept the offer and take the money or leave the full death benefit in place. In many cases, it’s even possible for the client to accept a partial offer and get some money in their hands while leaving a portion of death benefit in place for the future.
For the best rate, it makes sense to apply for term life insurance online today.
What is covered by Living Benefits?
ABRs and triggers can vary widely between insurance carriers and products, so it’s important to be educated on what riders are included any Living Benefits policy you may be considering and know what conditions would qualify for a Living Benefits claim. The top Living Benefits products out there will offer all of the following ABRs and associated triggers at no extra premium cost:
Terminal Illness: 1-2 years expected to live
Chronic Illness: Unable to perform 2 of 6 activities of daily living OR severe cognitive impairment
Critical Illness: Cancer, heart attack, stroke, major organ transplant, kidney failure
Critical Injury: Paralysis, coma, major burns, severe brain injury See if you qualify today.
Why own Living Benefits?
In this day and age, it always makes sense to have Living Benefits included as part of your life insurance policy.
Compared to traditional life insurance, which only pays out the death benefit if you die, Living Benefits provide you with more options and more access to your policy’s benefits in more scenarios. Any Living Benefits claim offer can always be declined if you wish, but having options is always better than not having options, especially after a major unexpected health event.
How do I get Living Benefits?
At Legacy Group, Living Benefits are kind of our thing. Reach out to us – we can connect you with our network of licensed Living Benefits experts who can audit any current coverage you have and make sure your family has the most modern and up-to-date coverage available.
What does Mortgage Insurance Cover?
If you pass away during the time your policy is “in-force,” the insurance company will cover the remainder of your mortgage payments until your home is paid off. This can provide a huge relief to your loved ones, as your family will be able to stay in their home and not have to worry about keeping up with the bills. You can also purchase riders for your policy, which would offer additional coverage in the even that you become critically ill or disabled and cannot work.
Is mortgage protection worth it?
For many people, this type of insurance is a better fit than a standard term or permanent life insurance policy due to its affordability. If you are a homeowner, mortgage protection is the simple solution to ensure your loved ones can stay in the family home if something happened to you. Find out how much this coverage will cost to protect your mortgage,.