Does Your Life Insurance Have Living Benefits?
I think that we can all agree that life is the most precious thing that we have. The ability to wake up each day, pursue goals, and share new experiences with loved ones is a beautiful gift. While life is indeed precious, it’s hard for some to talk about the fact that it will, someday, come to an end. Because of this, it is prudent of us to plan for this so that our loved ones are taken care of when we are no longer there. This is where life insurance comes in handy.
Most people are aware of how life insurance works. You purchase a policy, pay your premiums, and if you pass away, the death benefit is passed on to your beneficiaries. But I would like to introduce you to a new, less-known benefit available in some life insurance plans. This benefit is called “Living Benefits”. If you are ever involved in an accident that leaves you in a critical, chronic, or terminal condition, this benefit allows you to access a portion of your life insurance death benefit while you are still alive. How, might you ask? Great question. Here is how it works: Let’s say that you have a $1,000,000 life insurance policy and you are involved in an accident that leaves you unable to walk and bathe yourself without assistance for several months. You could get in contact with your insurance company and file a claim for a portion of your living benefit to be paid to you. The money can be used to help pay for medical bills or any other expenses you may have, especially if you are away from work for a while.
Living benefits are a great addition to any life insurance policy. I highly recommend looking for a policy that offers this benefit. Heart attacks, strokes, car accidents, falls, and other accidents of that nature happen all the time. Having living benefits as a part of your financial plan can make a huge difference for you and your family. Contact MR Insurance Solutions for more information and quotes.