When most people think of life insurance, they think about a policy designed solely for the death benefit to protect their loved ones after they pass away. While that’s an important component, modern life insurance as evolved to include a powerful feature that you can benefit from while you’re still alive.
Living benefits is an added feature which are offered by many life insurance companies. It acts like a safety net within your safety net.
Financial Support During Critical Illness
Most people do not plan for a major illness like cancer, heart attack or stroke. These medical issues can result in a significant medical expense, lost income and financial uncertainty. With living benefits, your life insurance policy can provide access to funds if you’re diagnosed with a qualifying illness. These funds can be used to cover things like:
- Pay for medical bills or experimental treatments not covered by insurance
- Pay household expenses
- Replace lost income
- Ensure your family’s financial stability during your recovery
Assistance With Chronic or Terminal Illness
Living benefits also extend to chronic and terminal illnesses. If your unable to perform 2 out of 6 of the Activities of Daily Living such as bathing, dressing, transferring, toileting, feeding, and continence, you can access a portion of your policy’s death benefit. This can provide peace of mind by allowing you to:
- Pay for long-term care or a caregiver
- Modify your home for accessibility
- Focus on quality time with loved ones without financial stress
Can you see how this would be invaluable if you became terminally ill, critically ill, or chronically ill? The fact that you could tap into funds from your death benefit while you are still alive to help pay for things that you may need. Unlike traditional health insurance which restricts how funds are used, living benefits give you the flexibility to decide where your money goes. Whether you need to pay down debts, pay for alternative treatments not covered by your medical insurance, or take a final dream trip with your loved ones, the choice is yours.
The best thing is that for life insurance companies that offer living benefits in their life insurance policies, there is no extra charge for this added benefit.
Life is unpredictable. Living benefits add a layer of financial security that ensures you don’t have to deplete your savings, rely on credit cards, or disrupt long-term financial goals in the face of a health crisis.
When evaluating life insurance policies, it’s essential to ask about living benefits and ensure your plan aligns with your needs.
Get Peace of Mind Today
If you’re ready to explore how living benefits can enhance your life insurance policy, let’s connect. Contact Brightside Financial today and together, we’ll find a plan that’s tailored to your unique needs and goals.
