Life insurance you don’t have to die to use
Up until now life insurance has been a benefit that one leaves behind to their family after death. However, over the last few years we have seen a shift in philosophy by the insurance company’s that we offer. In an effort to always improve benefits to our clients we are seeing a surge in “Living Benefits”.
Living Benefits are benefits that are available to a life insurance owner while they are still alive. Or, as AGLA puts it, it is “Life Insurance you don’t have to die to use”. For example, with a traditional life insurance policy if you were to suffer a heart attack and live through it, there would be no help from your policy and you would be forced to face the time off of work and lost wages on your own. According to The American Journal of Medicine’s national study 62.1% of bankruptcies occur due to medical reasons.
With a life insurance policy with Living Benefits, in this same scenario you would be able to access a portion of your death benefit as a lump sum cash payout to you. This keeps our clients from having to use savings, and retirement funds to overcome a potential financially devastating medical emergency.
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