No one really wants to think about life insurance, but it is better to have insurance and not need it, than to need it and not have it. The most important reason for you to consider life insurance may be the peace of mind you’ll have knowing that your financial obligations will be taken care of should anything happen. Especially if someone depends on you financially, it’s a topic you can’t avoid.
Life insurance with Living benefits is the one you don’t have to die to use. Accelerated Benefits Riders provide you with access to your death benefit while you are still alive, to help cover the costs of a qualifying.
Critical Illness: cancer, cystic fibrosis, diagnosis of ALS (Amyotrophic Lateral Sclerosis), end stage renal failure, heart attack, heart valve replacement, major organ transplant, motor neuron disease, stroke and sudden cardiac arrest.
Critical Injury: coma, paralysis, severe burns and traumatic brain injury.
Terminal Illness: Terminally ill means that the insured has been certified by a physician as having an illness or chronic condition which can reasonably be expected to result in death in 24 months or less.
Chronic Illness: Chronically ill means that the insured has been certified by a licensed health care practitioner as being unable to perform 2 out of 6 activities of daily living or is cognitively impaired. The activities of daily living are bathing, continence, dressing, eating, toileting, and transferring.
In the event of a tragedy, life insurance proceeds can pay for funeral costs, help pay the bills and meet ongoing living expenses, pay off outstanding debt, including credit cards and the mortgage, protect a spouse’s retirement plans.