Living Benefits life insurance

Life Insurance with Living Benefits

Life Insurance you can use while living

Life insurance with living benefits is a great way to financially protect your loved ones or yourself if a diagnosis of a critical or chronic illness happens. This policy can help with :

  • Paying bills
  • Mortgage payments
  • Hospital bills
  • Financial peace of mind

My dad was a soccer fan and a small business owner. When he was diagnosed with cancer, everything changed. It was tough emotionally, but also financially. As a result, I’m passionate about life insurance with living benefits because I know first hand how valuable they can be in a time of need. 

Family picture
Cancer statistic

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Living Benefits life insurance

Living Benefit Triggers

Let’s go over how these types of policies work. You can get them in either term or permanent coverage. 

Each company has their own definitions of triggers so make sure to review that before signing. This is a general overview. 

Critical Illness – Being diagnosed with cancer, heart attack, stroke, among other illnesses.

Chronic Illness – Not being able to perform activities of daily living such as bathing, eating, dressing, continence and a few more without assistance.

 

Sounds great but this must be expensive!

The majority of people overestimate how much these types of policies cost. For the most part, it’s about the same as a “traditional” policy. I will illustrate this with a simple quote comparison of a 35 year-old male non-smoker that qualifies for preferred plus rates. (Even for standard rates the price difference is about the same).

“Life Insurance” – $1,000,000 for 20 years : $51.60
“Life Insurance with Living Benefits” –  $1,000,000 for 20 years : $63.64

 As you can see the price difference is only $12.04 a month. 

These policies can be bought even if you’re older or have minor health issues. 

To see if you qualify, just give us a call or fill out the form on this site. We do everything virtually because we know that you might be busy after work with kids or binging on Netflix. 


Also published on Medium.

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Lorena Tomasini
Hello! I've been in the life and health insurance industry for over 10 years. Together with my mom, we run an insurance agency to inform individuals, families and small business owners about the power of life and health insurance. Hope these articles give you a different perspective.

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