HOW DO LIVING BENEFITS WORK?
Life Insurance with living benefits provides benefits when they are need the most-- helping to fill the gaps a health insurance policy doesn't cover, especially non-medical expenses, such as mortgage, car, food, etc.
Experiencing a terminal, critical, or chronic illness leads to increased expenses and decreased income. Once your expenses reach a number higher than your income, you begin creating debt.
Living Benefits are the safety net that SFA provides for its clients. Most folks purchase life insurance to provide financial security, through the death benefit paid at the time of their passing. We believe that it makes sense for the benefits to extend and be available for the difficult financial times they have to face if a chronic, critical or terminal illness precedes death.
Experiencing a terminal, critical, or chronic illness leads to increased expenses and decreased income. Once your expenses reach a number higher than your income, you begin creating debt.
The Industry calls it an "Accelerated Death Benefit Rider". We simply call the Living Benefits.
Most of us are in this profession because of a sincere desire to help others in a manner that is both unique and timely. Living Benefits is one of the reasons why our family of agents is so passionate about what we do every day.
HOW LIVING BENEFITS WORK FOR TERMINAL ILLNESS
Your life insurance policy can pay living benefits if you are diagnosed as being terminally ill and have less than 12 months to live (24 months in some states). These benefits may be used at your discretion for experimental medicines, operations or treatments; to prepare for your final expenses or for any other reason you wish.
CAN LIVING BENEFITS BE USED FOR CHRONIC ILLNESS?
Your policy may pay monthly living benefits if you should be diagnosed as chronically ill, suffering from a cognitive impairment or you are unable to perform two or more activities of daily living, such as bathing, dressing, eating or toilet use. This benefit is paid annually (up to 24% of your death benefit) on policies in-force for 2 years or longer.
HOW ABOUT FOR A CRITICAL ILLNESS?
Living benefits may be paid, should you suffer from a triggering ailment such as cancer, heart attack, stroke, Lou Gehrig’s disease (ALS), blindness due to diabetes, kidney failure or major organ transplant, and more!