Life insurance has evolved. It used to have one job, and that is to pay your beneficiary after your passing. Today, there are additional benefits associated with life insurance provided by free optional riders. They’re called Living Benefits. Whether choosing a Term or Universal Life insurance, living benefits Riders can provide benefits should a qualifying terminal, chronic or critical illness or injury occur. Depending on your state, the use of the benefit is unrestricted.
Benefits may be used for but not limited to:
• Regular bills
• Household expenses
• Home modifications
• Nursing home care
• Quality of life expenditures
• Adult Day Care
What qualifies as a Terminal Illness?
A Terminal Illness is when you have been diagnosed with an illness that will result in death within 24 months of certification of the illness by a physician.
What qualifies as a Chronic Illness?
It is when a doctor has certified, within the past 12 months, that you are unable to perform two out of these six “activities of daily living” (Bathing, Continence, Dressing, Eating, Toileting and Transferring) for a period of at least 90 consecutive days without assistance, or that you are cognitively impaired. This rider will be offered depending on your risk classification.
What qualifies as Critical Illness?
It may include, depending on your risk classification, some of these illnesses
• ALS (Lou Gehrig’s disease)
• Heart Attack
• Heart Valve Replacement
• Major Organ Transplant
Critical Injury includes:
• Severe Burns
• Traumatic Brain Injury