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What are Living Benefits?

Living benefits are accelerated benefit riders which provide the potential to receive a partial or full accelerated life insurance benefit if the insured is diagnosed with a qualifying medical condition.

What Qualifies?

Terminal Illness

• Generally, if you have been diagnosed with a terminal illness that will result in death within 24 months of certification of the illness by a physician. The benefit payment will be paid out to the insured in a lump sum. There is no waiting period and the benefit is unrestricted, meaning you can use it for any reason.

Critical Illness or Critical Injury

• Do you know anyone who had a stroke, heart attack or cancer and survived that life event? When a medical life event like this happens it often causes a financial hardship. As the insured, if you were to experience a critical illness or injury you would be able to accelerate this benefit and receive a lump sum payment (benefit). In most cases, the rider needs to be in force for 30 days prior to diagnosis in order to accelerate. The benefit is unrestricted, which means you can use it for any reason. Speak to one of our Living Benefits Specialist to learn about the 16 qualifying illnesses.

Chronic Illness

• A qualifying chronic illness is when a doctor has certified, within the past 12 months, that you are unable to perform two out of six “activities of daily living” for a period of at least 90 consecutive days without assistance, or that you are cognitively impaired. Generally, the rider needs to be in force for a period of 30 days. The benefit can be used for any reason and does not need to be used for medical expenses.
• For those individuals who need life insurance coverage and are seeking protection in the event of chronic, critical, and terminal illnesses, our Carriers accelerated benefits riders may be an option to potentially provide an additional financial resource if someone becomes afflicted by a qualifying illness that results in a greatly reduced lifestyle or life expectancy. Accelerated benefit riders are not a substitute for long term care insurance but can provide a potential source of funds under the proper circumstances.
  

Contact us to learn how Living Benefits can help protect the money you have saved for retirement and other life needs.

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