The simple truth is that life insurance gives you peace of mind. Your loved ones will be taken care of. You can rest assured that funds will be there when they are most needed. But, life insurance has "evolved" like anything else. If you purchased a policy within the last few years, you policy may have "living benefits" that offers added protection for you and your loved ones.
Traditionally, when you own a life insurance policy it's for someone else....your spouse, kids, legacy, etc... when you die. But what happens if you have a major health issue like a critical, chronic or terminal illness and many other health related issues and you didn't die? You're still alive, maybe can't return to work to support your family. Then what? You have to take money from checking, savings, investments, IRA/401K to take care of yourself while you're still alive? (not to mention potential financial penalties for taking the money and decreasing your retirement funds)
You can have your cake and eat it too! What if you can buy a life insurance policy that helps you when you have a major health issue and still alive and/or when you die? You're in luck because now you can get this protection! You worked hard to earn what you have, a life insurance policy with living benefits is an excellent way to protect everything you worked hard for! Part of a great financial plan is not only earning and increasing your wealth, but protecting it.
EVERY 40 seconds in the US, someone has a heart attack or a stroke.
How Does It Work?
When you are diagnosed with a critical, chronic or terminal illness, you can use the money from the death benefit from your policy to use while you are alive! Depending on the health situation and severity will depend on how much you get.
The cost of care is expensive, are you prepared? Having a life insurance policy like we can provide you to protect you for the "when" not "if" scenario happens.
Common Questions About Living Benefits
Who Are The Benefits Paid Out To?
Living benefits are paid directly to you, the policy owner, not the beneficiary (they are paid when you die)
How is The Living Benefit Paid?
The accelerated death benefit is paid in a lump sum for a critical or terminal illness. For a chronic illness, the benefit can be paid in a lump sum or installments.
Can I Choose To Take A Portion Of My Living Benefit, Instead Of The Full Amount Available?
Yes, the living benefits are flexible and designed to meet your needs. You may take up to 5 accelerations, including a first time event.
How Can I Spend The Living Benefits I Receive?
There are no restrictions on spending the money you receive as a living benefit. You are in control and can use the living benefit any way you choose.
Reach out to use at Strategic Wealth Partners so we can look at your situation and make sure you have the right protection in place. You insure your home, your car and your cell phone, right? Why not protect your biggest asset? YOU! We look forward to talking with you!