I can tell you, though, that based on my personal experience, signing up for living benefits, also known as accelerated death benefits or terminal and/or chronic illness benefits, could be a game-changer for you and your family.
Online research may likely navigate you to articles that warn against using a life insurance policy for anything other than the death benefits. Using living benefits to help cover health care costs A person should have a cash-value life insurance policy, rather than rent a term policy for 10, 20 or 30 years.
For example, if a person is renting a home, it is in their best interest to own a home as soon as they are able because they build and own the equity on their home. The popular mantra is “buy term and invest the difference!” There are times when this is absolutely necessary. There is no gatekeeper, since this is part of the policy’s benefits. They must qualify medically, and usually it can be the policyholder’s own physician who gives a certifying letter to qualify for benefits. The policy owner can access some or all of the life insurance policy’s death benefit, regardless of the cash value. A policy with “living benefits” can provide the policy owner financial support, for example, if long-term care is needed due to a diagnosis of a terminal or chronic illness. Some life insurance policies also offer benefits that can be used while the policy owner is living.
0 kommentar(er)
