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What are Living Benefits?
Living Benefits is an optional add-on to Life Insurance policies that allow the policy owner to apply for an advance payment of their death benefits during the lifetime of the insured. Also known as Accelerated Death Benefits, this coverage allows the policyowner to have access to all or part of their death benefits while they are still alive.
Features of Living Benefits
The general purpose of Living Benefits coverage is to allow the policyholder to use their Life Insurance benefits while they are still living, in the event of a severe injury, terminal illness or other medical condition that leaves them unable to work. With this form of coverage, the policyholder can offset their financial issues by having easy access to their Life Insurance benefits.
Living Benefits coverage can offer a great benefit to policyholders when they experience a chronic or critical injury or illness and are no longer able to work. These benefits can be used to cover:
- Everyday household expenses
- Utility bills
- Nursing Home Care
- Adult Day Care
- Payment for any other debts that can help to improve the policyholder’s quality of life.
These benefits provide an excellent back-up plan that can ensure you and your family have the funds you need even if you are unable to provide financially.
Financial Solutions with Living Benefits
Living Benefits add-on coverage can offer many financial solutions for Life Insurance policyholders.
In most cases, a Living Benefits Rider can pay between 24 and 100 percent of the total death benefit,
which will not be considered taxable. However, most policies will have a set dollar limit enforced.
One downside to using the funds from a Living Benefits add-on is there are fees involved. Life Insurance companies receive a profit every time one of their policyholders takes advantage of Life Benefits. Some companies offer a Living Benefits Rider included with all other policies free of charge. Others offer it as an optional add-on that may sometimes involve a one-time fee when the policyholder signs up.
A Living Benefits Rider can be an exceptional tool for any Life Insurance policyholder who is looking for the added advantage of financial help during difficult times. Deciding if it is the right choice for you may take some time. Fortunately, there are insurance and investment experts available to assist you with your long-term financial and Life Insurance goals.
Quy Nguyen is Your Expert on Living Benefits
Quy Nguyen graduated from medical school and became a medical doctor in order to help people, but he chose not to pursue life as a doctor. Instead, he learned about how Living Benefits through life insurance can help others. He uses his extensive knowledge to help people just like you with financial savings, retirement planning, their child’s college education, and protection for your family in case of life’s emergencies.
It is better to have Life Insurance and not need it than to need it and not have it. Don’t just buy Life Insurance; buy what the power of Life Insurance can do. With this in mind, customers are assured that they are getting the best possible advice when considering adding on a Living Benefits Rider to their new or current Life Insurance plan.
Plan your financial future. It’s better late than never. To learn more about Living Benefits or to sign up for a free consultation fill out the form on the right. A licensed insurance expert will be happy to help you build your unique financial solution.