Who's a Perfect Candidate for Living Benefits?
Here are the types of people who should seriously consider applying for an affordable living benefits life insurance policy.
When Should One NOT Apply for Living Benefits?
Since 9 out of 10 Americans could likely file a living benefits claim in their life, these are examples of those who should not apply for an affordable living benefits policy...
Affordable Living benefits are riders that usually come at no additional cost. Living benefits can also be referred to as accelerated death benefits or living needs benefit riders depending on the insurance company who is providing the life insurance with living benefits.
The purpose of living benefits allows the policy owner an opportunity to use the life insurance death benefits (or face amount) early in the case of major injury, terminal illness, critical illness or other defined medical condition.
This is crucial, serious illnesses and injuries could affect your ability to earn an income. 62% of bankruptcies occur due to medical hardships and the bills that follow.
Those who experience serious medical conditions have a high probability of eliminating their savings, depleting their retirement accounts, liquidating their home's equity and going bankrupt within 6-18 months.
True life insurance with living benefits allows a policyholder to offset these concerns by accessing the life insurance death benefits prior to dying.
Living Benefits are a game-changer
Life insurance policies are not "guaranteed issue".
Everyone that desires to become a life insurance policyholder must complete an application. They also may or may not require a physical, be required to release medical records or provide additional information in order for the life insurance policy to be issued.
The steps to obtain a life insurance policy is similar no matter if the life insurance policy includes affordable living benefits or the life insurance policy does not include living benefits.
The steps to obtain a life insurance policy is also similar no matter if the life insurance policy is a term life insurance policy or a permanent life insurance policy.
It's best to connect with one of our life insurance with living benefits specialist before assuming you cannot qualify due to a past experiences or situations.
Click the Big Green Button to chat and see if you qualify for Living Benefits.
Living benefits life insurance policyholders who encounter a dramatic change in their health have the ability to access up to 75% or even up to 90% of the face amount (death benefit) from their affordable life insurance policy with living benefits.
All policyholders are required to provide proof of the medical condition, they can obtain this from their doctor.
Once a claim is submitted and approved by the life insurance company a check will be presented to the policyholder for the determined amount to be used for any expense the policyholder desires, medical related or not.
If the policyholder desires to take advantage of the living benefits within an affordable living benefits life insurance policy, the proceeds are not taxable according to the federal government.
(Post 1/ 1/1997)
However, check with a tax advisor and see what the implications may be on a state level. Living benefit proceeds from these affordable life insurance with living benefits policies may be subject to taxation at a state level.
Check with a tax advisor to obtain up-to-date state taxation rules.
You can obtain affordable living benefits life insurance policies within a term life insurance policy or permanent life insurance policy.
Permanent life insurance policies that offer living benefits include: whole life insurance policies, universal life insurance policies and indexed universal life insurance policies.
If you have a variable life insurance policy or variable universal life insurance policy you should definitely click the Big Green Button to schedule a conversation...
Life insurance policies with affordable living benefits will allow the policyholder to access between 24 and 100 percent of the life insurance death benefit. This is the case whether the living benefits life insurance policy is a Term living benefits policy or a permanent living benefits policy, such as a whole life insurance policy, universal life insurance policy or an indexed universal life insurance policy.
A living benefits claim has nothing to do with the cash value within a permanent life insurance policy such as a whole life insurance policy.
Living benefits claims have maximum payout amounts. Depending on the company, generally the most a policyholder can obtain is $1,000,000 - $1,500,000 no matter the size of the death benefit.
Once you’ve used the living benefit, the insurer will terminate this particular rider and prorate your monthly contribution.
The living benefits policyholder can choose to take 100% of the money offered from the claim or can decide to take less and leave a larger death benefit in place for the future.
Leaving a portion of the death benefit intact will allow for future living benefits claims or death benefit proceeds to the beneficiary(ies).
After the policyholder takes advantage of the living benefit payout amount, the insurer will update the policy to reflect the remaining death benefit and adjust the policyholder's contribution amounts.
This revised living benefits policy remains active until the policyholder passes away or the policy lapses.
Absolutely Not, life insurance companies offering living benefits have been around for a long time (100+/150+ years). They've thrived through economic recessions and depressions.
Affordable life Insurance with Living benefits may be the best-kept secret in life insurance industry.
The life insurance industry is So Big, So Old, and So Profitable that most life insurance companies do not need to innovate or change their sales and marketing strategies. They're still focused on making people think they need the cheapest piece of paper they can get.
This leaves most people with the belief that Death Only life insurance is the best type of life insurance that exists, which is unethical and unfortunate for the client.
One of the living benefits life insurance companies that we work with has offered affordable living benefits associated with their life insurance polices since 1937... Yes, you read that right - 1937.
Some life insurance companies have figured out how to keep profits high, while allowing their clients to benefit from affordable living benefits - it's a win-win.
Some life insurance companies have figured out that offering affordable living benefits is extremely good for business, extremely good.
While the other archaic life insurance companies are getting left behind, life insurance companies that are choosing to offer affordable life insurance with living benefits are outpacing their competition through innovation.
You can benefit from this innovation now. All you need to do is click the Big Green Button to schedule your affordable living benefits conversation.
Also, because of this massive innovation the industry needs more representatives to support the demand. If you or anyone you know would like to connect and chat about this $900 Billion Dollar opportunity, please share This Link