Living Benefits of Life Insurance
What’s the Living Benefits Rider of Life Insurance you might ask? Great question. It’s to Life Insurance as what Peanut Butter is to Jelly, It’s the ketchup to the cheeseburger. It’s the main ingredient that’s vital for your Life Insurance to be WHOLE.
Ok, enough with the food analogies, let’s take a look at the Living Benefits of Life Insurance!
What is Life Insurance?
Life Insurance helps your family and loved ones maintain their regular lifestyle if something should happen to you. A Life Insurance policy can provide your family with enough money to fulfill their financial obligations and pursue their deepest dreams and ambitions. Life Insurance helps secure your family’s future for the long haul.
Additional coverage options can be added to provide you with benefits you may use throughout your lifetime. This additional coverage called the Living Benefits rider.
What is a Living Benefits Policy?
The Living Benefits of Life Insurance is an additional coverage option. It is known as an Accelerated Benefits Rider. The Accelerated Benefits Rider was originally conceived in the late 1980s to help remedy the financial pressures of those diagnosed with Terminal Illnesses.
It allows the policyholder to access the total policy’s face value amount while still living. They can access the policy amount for any qualified Chronic, Terminal or Critical illness.
In the U.S. alone, 1 out of 2 adults will have at least 1 Chronic Illness. 1 out of 2 men and 1 out of 3 women will develop cancer in their lifetime. And to top it all off, Heart Attacks take place every 40 seconds with more than 90% of people surviving the first attack.
Who can you call on if (God Forbid) this ever were to occur? You got that right, the Living Benefits of your Life Insurance policy!
Is This Living Benefits Policy Right For Me?
If you’re subconscious mind is asking you this question while you’re still reading this then, yes, it absolutely is the right policy for you! Living Benefits as an additional rider is simply a no brainer to have on your Life Insurance policy.
To put it in simpler terms, it’s like a Life Jacket that provides you safety and protection while your living and long-term financial protection for your family if you suddenly pass away.
Furthermore, we’re truly in a crisis where 40% of the U.S. population does not own a Life Insurance policy. What are the odds of the 40-50% population knowing about these Living Benefits in Life Insurance? VERY LITTLE! The shortage of people in the U.S. not owning a Life Insurance policy will be a topic I’ll discuss in my next article. For now, let’s keep cranking down on these Living Benefits!
How Much Can You Get In Advance?
Depending on the Life Insurance carrier, the typical Living Benefits rider can advance you somewhere between 24%-90% of the Life Insurance policy’s total policy amount for a qualified Chronic, Terminal or Critical illness.
This Sounds Too Good To Be True, Are There Any Taxes Or Fees Involved?
Now I know what you’re thinking, this sounds too good to be true right? Trust me, I thought the same thing – but it’s not!
The even better news is that the Life Insurance policies death benefit amount if needed to be accessed in advance, will never incur any type of Tax Penalty with the Federal Government.
Nobody else has control of that money except for you and your beneficiaries. If you ever were to advance money from your Life Insurance policy’s total policy amount the amount would be subtracted from your policy’s total face value, leaving you and your beneficiaries with the remaining unused portion.
All in all, the Living Benefits rider in any Life Insurance policy is truly like a Life Jacket, it’s there to save you when you least expect it!
To learn more about which Life Insurance policy is right for you and your family, contact David Antonio Cano at 954-372-6975 or by email at : David.Lifebenefits@gmail.com .
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About the Author
David Antonio Cano is a South Florida native and currently resides in the heart of Oakland Park, FL. Fluent in both English and Spanish, he was born to immigrant parents from Peru and Honduras. The determination to strive and succeed is all that’s known. When David’s daughter Isabella was born, it allowed him to realize the importance of securing his family’s future. Ever since he has held a tremendous passion for educating other families about the importance of Life Insurance coverage and helping them secure their own coverage.