Life is full of surprises. Make sure you have a plan of your own

Health and sickness are part of everyone’s life. You can never predict when a chronic illness, a disability, or a critical health condition might surprise you or a loved one. While most people plan for these contingencies with Health Insurance plans; they might not be enough to pay for the entire treatment in certain situations, for instance, cancer treatment. In which case, people have to either forgo their treatment or spend their or their family’s entire life savings.

But what if you could pay for such treatments with your Life Insurance policy? After all, insuring your life means insuring your health too.

Living Benefits Life Insurance Policy is a regular term life insurance policy with the added feature of having access to funds in case of chronic or critical illness.

How it Works

You can buy your term life insurance policy with living benefits with standard procedures and processing time. Your coverage will include access to funds in case you a misfortune were to befall in the form of a major illness such as cancer or a stroke or if you develop a heart condition or something that qualifies as a terminal illness. The number of living benefits you access will be deducted from the eventual payout of your death benefits helping you save your priceless life.

United Life offers the best professional advice and a range of companies that can become your life-saver.

 

Policy Highlights

Pros

  • Gives you access to your own funds in case of a chronic illness
  • Makes nursing homes and medical facilities affordable
  • Eases the stress on your health coverage plan

Cons

  • Death benefits coverage amount is reduced in case you access living benefits
  • Living benefits policy comes with the expiration date of the term life insurance

Duration

The Living Benefits Life Insurance is basically, a Term Life Insurance with terms of 5, 10, 20, and 30 years.

Living Benefits Payout Options

Living Benefits Life Insurance helps take care of your life and health in the following 3 ways:

  • Lump-Sum Payment: You can have one-time lump sum payment of living benefits in case of a serious illness like a stroke or a heart attack
  • Monthly Payment: This benefit allows you to draw a monthly payment from your living benefits policy, in case you are diagnosed with a chronic illness like Cancer that requires long treatment. Typically, you can access no more than a quarter of your death benefit, annually in this option. It can be used for up to 24 months.
  • Terminal Payment: For terminal illness, where your life expectancy is up to 24 months or less, this benefit can be accessed for any treatment or to cover hospice cost.

Policy Cost

The cost of Living Benefits Life Insurance Policy is about the same as Term Life Insurance Policy. Only with a slightly higher premium to add to the living benefits.