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Life insurance is usually purchased for the benefit of an individual’s loved ones, but you can also make life insurance beneficial to you while you’re still alive. At some point, you may find yourself in an unfortunate position that leads to high medical or long term care expenses.
Worse yet, most individuals with a serious medical issue are forced to take an extended time away from work in order to recover. This translates into a loss of income which puts tremendous financial stress on them and ther loved ones.
Living benefits will provide you with the financial means so you won’t have to tap into your life savings. Activate these benefits and replace your lost income and continue living a comfortable lifestyle while you fully recover.
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Living benefits exist as a rider you can attach to your current life insurance policy, whether it be term life or whole life. Some policies even have these benefits built into them as a feature. The funds are disbursed either as a lump sum, or in increments.
As we age, we become increasingly prone to critical, life-threatening illnesses that will cause significant financial strain and compromise our abilities to live independently. This can be from medical expenses related to severe conditions such as cancer, or from long term care costs. Most individuals who experience a major medical issue or disability will lose a portion or all of their monthly income since they will not be able to work while they are recovering. Living benefits can offer financial protection in these crisis situations.
Living benefits cover costs such as:
Overall, the funds you receive from your policy can be used for anything and everything in order to help you survive financially during a very stressful situation.
The amount you’ll be allotted to spend will depend on policy limits. The amount you’ll receive in living benefits will depend on your policy’s death benefit. You will usually be limited to payments up to a certain dollar amount, or percentage of your death benefit.
Living benefits become accessible once you are in one of the following situations:
Once you’re in one of the previously mentioned qualifying situations, you’ll need to take some steps in order to access your living benefits. Filing claims require submitting documentation, particularly medical records. Once approved, you’ll receive living benefits to cover your expenses.
Generations Insurance Solutions LLC provides you with life insurance that serves the interests of you and those you care about the most. I’ve provided my services for years, and my dedication to getting the best policies for individuals like you is why I’ve received unanimous critical acclaim in this industry. When you need life insurance, you can always win when you get it from an award-winner.
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