There is a new type of Term insurance that includes living benefits (with no additional charge for those riders in most cases.) Meaning that this type of term life insurance with living benefits provides access to money for a chronic illness, critical illness, and terminal illness. This new type of term life insurance provides an extra level of protection with living benefits and death benefits all in one life insurance solution. Chronic diseases - such as heart disease, stroke, cancer, diabetes, and arthritis - are among the most common and costly of all health problems in the U.S.
Chronic Illness
In this type policy, Chronic illness is described as when an insured is determined by a licensed health care practitioner to be unable to perform two of the six activities of daily living (bathing, continence, dressing, eating, toileting, and transferring) for a period of 90 consecutive days, or to be suffering from severe cognitive impairment for a period of 90 consecutive days or more.1
Critical Illness
In this type policy, it enables the policyholder to access his or her death benefit in advance of death when he or she is determined by a licensed physician to have suffered a critical health condition, such as cancer, heart attack, stroke, a major organ transplant, end stage renal failure, Amyotrophic Lateral Sclerosis (ALS), blindness, or paralysis due to the loss of two or more limbs.1
Terminal Illness
In this type policy, it provides the ability to access a portion of the policy’s death benefit as a lump sum payment in advance of death when a licensed physician has diagnosed the insured to have less than 12 months to live.1
1 There are specific differing maximum percentage amounts of death benefit for each of the above and certain conditions apply for each type. Contact me for specific details if you'd like know more.
Note: Life Insurance information can be confusing to many people. As an "independent licensed agent" I can explain things to you in simple terms so you feel comfortable making a decision. Then I can help you choose a life insurance policy, from many choices of different insurance companies, that you feel fits your needs. Plus if you choose to work with me you will have personalized service by a local agent that can shop premium quotes for you. If you would like my assistance to discuss and/or start the process of getting you insured please call me at 941-404-5334.
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