- About every 26 seconds, an American will suffer a coronary event, and about every minute someone will die from one. (American Heart Association, American Stroke Association, Heart Disease and Stroke Statistics, 2008 update)
- On average, every 40 seconds someone in the United States has a stroke. (American Heart Association, American Stroke Association, Heart Disease and Stroke Statistics, 2008 update)
- At age 65, the odds are nearly one in two that you will require nursing home services for at least 2.5 years. (Medicare, US Dept. of Health and Human Services, 2007)
- Fidelity Investments predicts that a 65 year old couple that retires this year will need over $200k to cover medical care cost during their retirement
Living Benefits is a rider in your life insurance so you don’t have to die to use. It covers Terminal Illness, Chronic Illness & Critical Illness, we believe you should get more from a life insurance policy. We think you should have access to benefits you can use, while you are living.
The future is unpredictable… are you and your family prepared?
Critical Illness
Provides you the option of receiving your death benefi t early if a person covered under the policy is critically ill. For purposes of this rider, critical illness is defi ned as a heart attack, stroke, cancer, a major organ transplant, blindness, or having been diagnosed with Lou Gehrig’s disease (ALS) or end stage renal failure.
Chronic Illness
Provides you the option of receiving your death benefi t early if a person covered under the policy is chronically ill. For purposes of this rider, chronic illness means that a doctor has certified that the insured is either unable to perform two of the six daily activities of living without assistance (bathing, continence, dressing, eating, toileting, and transferring) or is cognitively impaired (deterioration or loss in intellectual capacity). Benefits are available after the rider is in force for two years.
If a chronic illness exists and after a 90-day waiting period, you may:
- Request to accelerate up to 2% of the death benefit each month to use as you wish, or
- Leave the policy intact for your beneficiary.
This is available at no additional premium and is intended to qualify for favorable tax treatment. This benefi ts may be used for any purpose.
Terminal Illness
Provides you the option of receiving your death benefit early if a person covered under the policy is terminally ill. For purposes of this rider, terminal illness means that a doctor has certified that the insured’s death is expected within two years, one year in CT, VT and PA.
If this situation exists, you may:
- Request the full acceleration, on a discounted basis, of the policy’s death benefit and use the lump-sum as you wish,
- Choose to leave a portion of the policy’s death benefit intact for your beneficiary, or
- Leave the entire policy intact for your beneficiary.
This is available at no additional premium and is intended to qualify for favorable tax treatment. This benefits may be used for any purpose.
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