Benefits for Living is an innovative life insurance concept that offers flexibility when meeting the insurance needs of your client.
Life Changes. Protect It.
Benefits for Living is a powerful financial tool that provides your family with financial security at death but also provides financial security in the event of a long-term illness, critical illness or terminal illness. There is no additional premium cost for these accelerated living benefits and provides future options as life changes. The living benefits include:
• Long-Term Care/Chronic Illness Acceleration – accelerates the death benefit when the insured cannot perform 2 out of 6 activities of daily living
• Critical Illness Acceleration – accelerates the death benefit when the insured experiences a qualifying event including heart attack, stroke and cancer
• Terminal Illness Acceleration – accelerates the death benefit when the insured has a terminal illness and life expectancy less than 12 months.
• Guaranteed Income for Life – annual income the insured cannot outlive.
Through the acceleration of the death benefit due to a chronic, critical or terminal illness, this multi-dimensional life insurance concept covers the entire lifetime of the insured and can provide significant living benefits in addition to a death benefit. Think of this as a “Use It or Use It” approach as there is no premium charge for these benefits. It’s important to note that the acceleration of the death benefit as a result of a chronic, critical or terminal illness provides living benefits on a cash basis that can be used for any purpose.
Selecting a life insurance policy that provides living benefits gives your clients an extra advantage as it is designed to change with the events of their lives. By providing financial security for survivors through death benefit protection as well as lifetime financial security to cover costs associated with a long-term, critical or terminal illness, your clients can be protected no matter what lies around the bend.
Additionally, as these policies provide substantial cash surrender value, guaranteed income for life is another advantage of Benefits for Living through the Lifetime Income Benefit Rider (LIBR).
Discover living benefits within a life policy.
Benefits for Living
combined with innovative Universal Life products gives the insured life insurance with the ability to accelerate the death benefit to be used for long-term care, critical care or terminal care. No other life insurance policy in New York has this series of "living benefits" as it only requires life underwriting with no additional cost for the acceleration.
60% of all Americans who reach the age of 65 may need long-term care at some point in their remaining lives. Health insurance plans do not cover certain costs associated with long-term illness and Medicaid only pays when an individual has spent down or liquidated a substantial amount of their assets.
Up to now, the only options available to plan for the expenses related to chronic or critical illness was to purchase long-term care insurance or critical care insurance, self-insure or spend down most assets and qualify for Medicaid.
Selecting a life insurance policy with substantial living benefits may be one of the most valuable decisions you make. This multi-dimensional concept that pays the benefit when the insured needs it most is a wonderful consumer product that should be included as a foundation in everyone's insurance plan.
Long-Term Care Acceleration:
Income tax free living benefit in the event of a long-term/chronic illness through the Chronic Illness Accelerated Benefits Rider. Rider specs include:
• Available on all table ratings and all policies up to $2 million of death benefit
• Annual acceleration limited to the indexed IRS per diem benefit, $113,150 for 2012
• Own doctor must certify annually that insured is unable to perform 2 out of 6 ADL’s or cognitive impairment. ADL’s – Eating, Toileting, Transferring, Bathing, Dressing and Continence
• No additional premium cost.
• Rider is not underwritten separately.
• Cash Benefit, no restrictions on the use of the benefit
• Works well in trust owned policies.
• Paid–up policy is available at the time of acceleration.
• No waiting period to accelerate the benefit.
Critical Illness Acceleration:
Ability to accelerate the death benefit as a result of a qualifying event:
• Heart Attack, Stroke, Cancer, End Stage Renal Failure, Major Organ Transplant, ALS or Blindness.
• No additional premium cost.
• On all standard and above policies.
• Maximum lifetime payout - $1 million.
Lifetime Income Benefit: Through the Lifetime Income Benefit Rider (LIBR), your policy cash value can be used to provide a guaranteed stream of income you cannot outlive.
A life insurance concept that pays a benefit when the insured needs it most!
Benefits for Living was named a "revolutionary new concept" by Financial Advisor magazine.
Assured Plus Protector Universal Life Insurance, FlexLife Indexed Universal Life Insurance, LifeCycle Solutions Survivor Universal Life and applicable riders are underwritten by National Life Insurance Company.