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Living Benefits with Life Insurance

Life insurance in today’s marketplace is not like our father’s insurance of the 60’s, 70’s & 80’s. Hmm… Why is that you might ask?

For one thing Life Insurance is now available with a features or added value at no extra cost called, “Living Benefits or Accelerated Benefits.” That’s right the companies I write with offer it with no extra charge! Typically older policies written many years ago may not have that important benefit. So everyone needs to check what they have and investigate if this is something worth looking at, I find in my cases it certainly is. In explaining what a living benefit is, let’s take a look.

Without sounding morbid, death is certainly going to happen to all of us and it can be hard on the family. What can be equally as hard on the immediate family (Husband, Wife, Children) is the cost of a major medical situation arises and you have an insurance policy of $500,000.00 and can’t access the money unless you die.

Let’s say I am diagnosed with a terminal or critical illness from my personal Doctor. With my insurance policies “Living Benefits,” I can then go to my insurance company and request an advance, on the Face amount on the policy. That money be used for anything you wish, it’s yours, it’s your living benefit of owning the policy. In my opinion, families must have that included in their policy, it’s crucial.

Let’s look at another example. Say I have a home and mortgage balance of $112,000. If I am diagnosed with a terminal illness I may want want to payoff for my family, before I pass, I can do that. Perhaps, my mortgage is paid off and is not a concern, but I want my kids to have funding for their college education. I can request the money for that too! Lastly maybe, I need a surgery that can prolong my life until my daughter’s wedding but it cost $200,000, I can access that from my policy.

If you are looking for Life insurance or you currently have a policy that doesn’t provide you with Living Benefits, you might want to do research and see if it’s something that makes sense for you.

“Living Benefits,” provides you with access to money while living, you don’t need to die to take advantage of the policy that we are paying on. That’s why I made the comment, it’s not like our fathers insurance. Many people don’t know they can do this. With life many circumstances may arise around our health that can disrupt our income and providing a good life for our family. Being diagnosed with critical illness or a terminal illness is just as difficult as managing the loss of the loved one, why not have coverage to assist, especially when there no extra added cost in payments.
Millions of Americans have insurance but would be in a better position if they had insurance that offered living benefits or accelerated benefits. Check with your trusted advisor or insurance agent to see what is best for your circumstances.

visit www.dunbarfinancialgroup.com