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What Are Living Benefits?

Life insurance can do more than pay a death benefit. With powerful riders, you may be able to accelerate the death benefit due to a qualifying illness or injury and potentially provide a guaranteed source of retirement income if you live too long. Accelerated Benefits Riders6 are optional, no additional cost riders that can allow you to access all or part of the death benefit while you are living if you experience a qualifying terminal, chronic, or critical illness or critical injury. You can use the benefit for any purpose, with the exception that ABR proceeds for chronic illness in the state of Massachusetts can only be used to pay for expenses incurred for Qualified Long-Term Care Services.*  

LIVING BENEFITS

Typical Qualifying Events

Terminal Illness

Generally, if you have been diagnosed with a terminal illness that will result in death within 24 months (12 months in some states) of certification of the illness by a physician.

Chronic Illness

Generally, if you have been diagnosed with a terminal illness that will result in death within 24 months (12 months in some states) of certification of the illness by a physician. Activities of Daily Living:
  • Bathing
  • Continence
  • Dressing
  • Eating
  • Toileting
  • Transferring

Critical Illness

Critical Typical generally includes: Options are designed to meet a wider variety of needs. Qualifying standards are often more liberal than traditional loans.
  • ALS (Lou Gehrig’s disease)
  • Aorta Graft Surgery
  • Aplastic Anemia
  • Blindness
  • Cancer
  • Cystic Fibrosis
  • End-Stage Renal Failure
  • Heart Attack
  • Heart Valve Replacement
  • Major Organ Transplant
  • Motor Neuron Disease
  • Stroke Sudden Cardiac Arrest

Critical Injury generally includes:

  • Coma
  • Paralysis
  • Severe Burns
  • Traumatic Brain Injury

Living Benefits could be used for, but not limited to:

  • Household expenses
  • Home modifications
  • Nursing home care
  • Adult daycare
  • Regular bills
  • Quality of life expenses
  • Lifelong dream vacation

 

What If You Should Die Too Soon?

Your family may be forced into making uncomfortable sacrifices that would change their standard of living. Life insurance provides financial security to help your family avoid devastating life changes at your death.

What If You Become Ill or Injured?

If you have no additional cost Accelerated Benefit Riders on your policy, you and your family would have financial protection during your lifetime in the event you experience a qualifying illness or injury. Life insurance can do more than pay a death benefit; it provides benefits for living.

What happens if you live too long?

We are living longer. A higher standard of living and medical advances have had a positive impact on mortality. But illnesses that are terminal, chronic or critical, or a critical injury, result in more people living longer with chronic or critical illnesses. Life insurance provides much-needed protection for your family and heirs. It can also be a valuable resource if you live too long. An income rider is an optional rider that can be added to some life insurance policies. Life insurance can also help you meet your retirement goals and dreams by providing an income option on your policy with an insurance income rider.

Want to Make Today’s Dreams Come True?

Life insurance is a unique financial tool that can be structured to accomplish many objectives, and it can be customized to fit very specific needs. You’re working hard to build your life. Find out how life insurance can provide you with security, protection, and opportunities that can help you make what may be today’s dreams, tomorrow’s reality.