This graphic is a great example of utilizing Life Insurance to its fullest. The accumulation of several policies can be expensive and possibly counter productive.
What are Living Benefits on a life insurance policy?
Living Benefits and Accelerated Death Benefits are terms used interchangeably on a life insurance policy. Both offer access to funds that can be used for chronic, critical and terminal illnesses. When you choose to use your living benefits, you are accelerating your life insurance policy’s face amount so that you can use the funds while you are alive.
Statistics show that large numbers of Americans may become terminally, critically or chronically ill.
■ Every 40 seconds someone has a stroke
■ Every 34 seconds someone has a heart attack
■ The average cost of a severe heart attack, including direct and indirect costs, is about $1 million
■ 1 in 2 men and 1 in 3 women develop cancer in their lifetime
■ Chronic and critical illnesses may result in the inability to perform activities of daily living such as bathing or
dressing yourself without help or assistance.
While many of us have health insurance, research has indicated that health care expenses are a significant
contributing factor in many personal bankruptcies.
Life insurance with living benefits provides the option to access the face amount and receive cash while the
insured is alive. The Accelerated Death Benefits can provide funds at a time that the insured and his/her
family need them most.
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