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
