With most life insurance policies, the main reason people have them is to provide money for their loved ones or business in case they die. Their death is the qualifying event that causes the life insurance company to open the door to the death benefit and pay out life insurance proceeds. No death, no money.
Some companies have offered “living benefits” for years, where a terminal illness diagnosis triggers the advancement or acceleration of some of the death benefit money before the person dies. That has been a big help to many in that situation.
The chances of you having a critical or chronic illness are much higher though than your dying. In response, several life insurance companies have developed a new and innovative addition to their policies. They have become known as “Full Living Benefits”. Now, many critical and chronic illnesses have become qualifying triggers that have opened the doors of the death benefit for people to access money even if they survive and don’t die at that time.
Having a critical or chronic illness resulting in high medical expenses and lost income is the #1 reason for personal bankruptcy in the USA.*
Most of us know someone who have endured a critical or chronic illness. Ask yourself “What if it was me?" You develop a critical or chronic illness like cancer. You would probably have surgery, radiation and chemotherapy that made you so sick, you couldn’t work. And you couldn't return for 8-12 months or longer**
What impact would that have on your personal finances?
What if it wasn’t you, but it was your spouse? (You know where you’d be, and it’s not work)
What if it was one of your children? (Heaven forbid, but we know it happens)
Since you know that critical and chronic illnesses can strike anyone at any time, you should know that you can get Life Insurance with "Full Living Benefits" policies for yourself, spouse, partner, children and grandchildren.
If you ever experience a heart attack or stroke or invasive cancer; or you need a major organ transplant, or your kidneys fail and you need dialysis; or if you go blind or become paralyzed; or you experience major burns to your body or loss of limbs; or you had a major accident and were severely injured and you needed hospitalization and extended rehabilitation; or you develop Alzheimer’s or dementia and need long term care, then you will discover that having Life Insurance with “Full Living Benefits” is much more important than having just ordinary “life insurance”.
LIFLB (Life Insurance with “Full Living Benefits") policies are more affordable than most people think. Some companies do not charge extra to have these benefits. If you are healthy enough to get ordinary life insurance, then you can qualify for a LIFLB policy. You can even trade your old policy in for a new LIFLB.
Policies are available in 10, 15, 20 or 30-year term or lifetime durations – up to $2,000,000 per policy.
*Study done by Harvard University for the American Journal of Medicine – 2009
**I have a dear friend who was out of work for 18 months battling with pancreatic cancer. Prior to this cancer, the guy was never sick. He hadn’t missed a day of work for many years before the cancer.
Stu Schell of Schell Financial Solutions - 425-344-6322 - www.SchellFinancial.com
While the list of critical and chronic illness, injury and disease can vary among companies, the "Covered" list contains a comprehensive listing of those covered by the "Very Best Value" life insurance policy.