Life Insurance with Living Benefits

There are many different types of life insurance options:

Life insurance protects your plans – and your promises

The fear of the unknown – especially when it comes to your finances, family and future – is daunting. Life insurance can help give you a sense of security.
From term to permanent and everything in between, life insurance is a wise and caring way to help fulfill your promises.
Learn about different types of coverage and make your plan to start living life with less worry.

Why life insurance?

Life insurance is more than its death benefit. It can help fulfill your promises to the people who rely on you financially and emotionally.

Reasons to have it can vary, from covering funeral costs and transferring wealth, to supplementing retirement income and helping replace lost wages – just to name a few.

Types of Life Insurance

With so many types of life insurance – like termwhole and universal – how do you know which is right for you? Most importantly, it comes down to your values, needs and financial goals.

The key is to understand how the different types may meet your needs.

The industry has evolved dramatically over the last 10 years.  It is no longer only the “You die, we pay” type of insurance.  There is Term, Whole, and Universal (which ironically few people know about).  They all have pros and cons and serve different purposes.

Types of Living Benefits?

On any of the above, there are now living benefits that you can use while you are alive.  They fall into two major categories.

Critical Care

You never expect a life-threatening illness like cancer, heart attack, or stroke. But if the unexpected happens, you want to be prepared. With Critical Care coverage, you can access the death benefit of your life insurance policy in order to pay for related medical expenses.   Depending on the carrier, there are 12 specific conditions that allow you to access the death benefit.

Long Term Care

If you reach the age of 65, there is a 70% chance you’ll require some type of Long Term Care. This is the largest gap in most families’ retirement plans because care is very expensive.  With Long Term Care or Chronic Care coverage, you can access the death benefit of your life insurance policy in order to pay for related medical expenses.   If you meet the 2 of 6 ADL requirements, you can access the death benefit to pay for care needs.

Contact Evelyn for an Overview of Life insurance Options and Quotes

To understand the world of life insurance including living benefits and to see if Life Insurance is right for you, or if you have any questions, 
send us a message or schedule a time to speak with Evelyn.