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Living Benefits

Traditionally, Life Insurance has only provided a benefit to the heirs of policy owners upon their death. This benefit is either paid in a lump sum or through a structured schedule of payments.

Living Benefits or Accelerated Benefit Riders on traditional Life Insurance policies can benefit the insured while still alive. These Riders, on a product that most everyone has or wants, provide another layer of protection against catastrophic medical events. There are three types of Riders typically available:

1) Critical Illness Riders – This Rider gives the insured access up to 100% of the present value of the death benefit, up to 1 million dollars. Some of the common events (complete list shown below) that trigger access to this benefit are Heart Attach, Stroke, and Cancer

2) Terminal Illness Riders – This Rider gives the insured access up to 100% of the present value of the death benefit, up to 1 million dollars. This Rider is accessible upon the reasonable expectation of a physician that a terminal illness of a patient will result in death within 24 months.

3) Chronic Illness Riders – This Rider gives the insured access of up to 50% of the present value of the death benefit, up to 1 million dollars. The Rider is accessible when the insured is unable to perform 2 of the 6 activities of daily living (ADLs).

 

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