Traditionally, many individuals purchase insurance to protect the lifestyle of loved ones who are left behind. However today anyone can accelerate access to the death benefits while they are alive. Many are coming alive and are waking up to the reality that they can benefit from life insurance while they are alive. What if you are diagnosed with cancer? or suffer from a heart attack? and continue to live. Unfortunately you may have just accelerated the likelihood of financial hardship for you and your family. The living benefits rider allows you to pay your daily living expenses, and medical expenses, while also allowing you to look after your family after your death. This benefit can be purchased as a rider with term or permanent insurance.
This type of illness is characterized by the inability to perform 2 of 6 daily living activities (bathing, dressing, eating, continence, toileting and transferring) without assistance, or if you are seriously cognitively impaired for at least 90 days. This rider pays out a periodic benefit if the policyholder becomes incapacitated or disabled for an extended period of time.
Heart attack. Stroke. Invasive cancer. End-stage renal failure. Major organ transplant. ALS. Blindness. Paralysis. Arterial aneurysms. Central nervous system tumors. Major multi-system trauma (to 3 or more organs or systems). AIDS. Severe disease of any organ that shortens life expectancy. Severe central nervous system diseases (Parkinson’s, Huntington’s, Multiple Sclerosis, Encephalitis). Major burns. Loss of limbs.
