Living benefit
Living Benefits designed to maintain your families Quality of Life when you need it most. In the event of a major Chronic, Critical or Terminal Illness a cash benefit can be accessed to pay for care, travel, loss of income or any expense you choose. Living Benefits are included in our QoL Term Insurance and can provide up to $2 Million.
Living Benefits designed to maintain your families Quality of Life in the event of a major Chronic, Critical or Terminal Illness.
- Combined Term Life and Living Benefit
- Access up to $2 Million for a qualifying condition
- Funds can be used for any expense
- Fully accelerated or partial benefit option
- Level Premiums for 10, 20 or 30 years
Compare Traditional Critical Illness vs Term Life with Living Benefit
| Critical Illness | Living Benefit | |
|---|---|---|
| Typical Benefit | $10K - $50K | $100K - $500K |
| Typical Premium $50K benefit | $100/mnth | $25/mnth |
| Trigger Conditions | 5 - 10 | 20 plus |
| Death Benefit | Limited to triggers | Unlimited Causes* |
| Catastrophic Plan Benefit | $0 | $100,000 |
Living Benefit Catagories
Chronic Illness – Eligible insured is unable to perform 2 of 6 activities of daily living for a period of at least 90 days or requires constant supervision to protect
from threats to health or safety due to severe cognitive impairment
Critical Illness – Eligible insured is diagnosed with one or more of 17 critical illnesses (see list below)
Terminal Illness – Eligible insured is diagnosed with an illness or condition that is expected to result in death within 24 months or less. (12 months in FL and NY)
Living Benefit Qualifying Conditions and Events
Chronic Illness
Critical Illness
• ALS (Lou Gehrig’s disease)
• Aorta Graft Surgery
• Aplastic Anemia
• Blindness
• Cancer
• Cystic Fibrosis
• End Stage Renal Failure
• Heart Attack
• Heart Valve Replacement
• Major Organ Transplant
• Motor Neuron Disease
• Stroke
• Sudden Cardiac Arrest
Critical Injury includes:
• Coma
• Paralysis
• Severe Burns
• Traumatic Brain Injury
Inability to perform two out of six “activities of daily living” for a period of at least 90 consecutive days without assistance, or that you are cognitively impaired.
Activities of Daily Living
1. Bathing 4. Eating
2. Continence 5. Toileting
3. Dressing 6. Transferring
Example Rates - Term Insurance with Living Benefits *
| Face Amount | Age 18 -35 | Age 36 -40 | Age 41 - 45 | Age 46-50 | Age 51 -55 | Age 56 -60 | Age 61 -65 |
|---|---|---|---|---|---|---|---|
| $100K | $20 | $20 | $29 | $42 | $69 | $59 | $97 |
| $250K | $26 | $34 | $53 | $77 | $124 | $124 | $195 |
| $500K | $44 | $62 | $98 | $142 | $142 | $219 | $383 |
| $750K | $63 | $90 | $144 | $130 | $205 | $314 | $552 |
| $1 Million | $80 | $158 | $373 | $270 | $267 | $408 | $743 |
* Sample Standard Non-Smoker Rates Individual Rates will vary depending on Underwriting
Minimum Death
Benefit Requirements
- Minimum $100,000 for Terminal Illness Rider
- Minimum $100,000 for Critical or Chronic Illness Rider