Living Benefits Insurance

insurance with living benefitsWhen you need life/mortgage protection insurance, then here’s a plan that can protect you and your loved ones from the loss of your home, income, and health in the event of death, disability, chronic illness, critical illness or terminal illness.

 

Depending on your eligibility, you can design your insurance

plan to provide the following important benefits:


  • In the event of death, pays the insurance benefit directly to your family.

  • Insurance that pays a monthly income, directly to you, in the event of Chronic Illness.

  • Insurance that pays monthly income, directly to you, in the event of Disability.

  • Insurance that pay up to 90% of the death benefit, directly to you, in the event of a Critical Illness.

  • Insurance that pays an accelerated death benefit, directly to you, upon being diagnosed with a Terminal Illness.

  • Option to receive a refund of all insurance premiums paid at the end of your mortgage.

 

How Living Benefits Insurance Work

 

Critical Illness Insurance

Pays a lump sum benefit should you suffer from a triggering illness such as cancer, heart attack, stroke, Lou Gehrig’s disease (ALS), kidney failure or major organ transplant.

Insurance, life insurance, critical illness insurance

Common Critical Insurance

Chronic Illness Insurance

Pays a monthly insurance benefit should you become diagnosed as chronically ill and unable to perform two daily activities such as bathing, dressing, eating, or due to cognitive impairment.  This benefit is paid monthly (up to 2% of your death benefit).  Policy must be in-force for 2 years.

Terminal Illness Insurance

Pays a insurance benefit if you are diagnosed with a terminal illness resulting in life expectancy of less than 12 months (24 months in some states).  This can be used for experimental medicine, prepare for final expenses or any other purpose you feel necessary.

 

What Can Happen to Us?

You may be familiar with some of these facts already. They show why it is important to have a flexible and comprehensive insurance policy to cover different needs.

We may become Terminally, Chronically or Critically Ill

  • Men have a 1 in 2 risk of developing cancer during their lifetime and women have a 1 in 3 risk.1
  • Every 30 seconds a new cancer is diagnosed in the U.S1
  • Every 40 seconds someone suffers a stroke.2
  • Every 26 seconds someone suffers a heart attack.3
  • 45% of heart attack victims are under the age of 45.4
  • 3 out 4 people (75%) over the age of 40 will experience a critical illness at some point in their future.5

Chronic Illness affects many people and can create additional expenses for a family. The purchase of Long Term Care insurance covers the costs associated with Chronic Illness.  Some of these expenses may include:

  • Nursing Home Cost for a Private Room: For nursing home care, the national monthly average is now $6,266, which translates into $75,190 annually.6
  • Assisted Living Facility: For assisted living facilities the national monthly average is now $3,185, which translates into $38,220 annually.6
  • Home Health Aide (Certified): For Home Heath Aide, the national monthly average is now $3,623, which translates into $43,472 annually.6

Did you know

  • 48% of mortgage foreclosures are the result of financial hardship due to critical Illness (only 3% due to death).7
  • 48% of businesses that fail, fail because of a critical illness.8
  • 62% of bankruptcies are due to a critical illness.  Of those bankruptcies, 75% of them had health insurance.9
  • 1990 to 2008, spending on cancer care soared to more than $90 Billion from $27 Billion.10
  • One in four cancer patients or their families said they used up all or most of their savings to pay for treatment.10
  • One in eight people with advanced cancer turned down recommended care because of cost.10

We may die too soon

  • Almost 75% of Americans agree that life insurance is the best way to protect survivors against the financial implications of the premature death of a primary wage earner.11
  • 68 million (32%) of American adults are uninsured12

We may need additional income for retirement or other expenses

  • 37% of American homeowners do not own a retirement savings account of any kind.13
  • 1 in 5 pre-retirees age 50 to 64 has less than $5,000 in retirement savings.14

 

Don’t be one of the insurance statistics – Contact Us and
let us help you plan your insurance needs today to protect tomorrow.


 

 

Sources

1“Cancer Facts & the War on Cancer”. LIMRA. 2007.
2American Heart Association “Heart Disease and Stroke Statistics.”, http://www.amhrt.org 2010.
3American Heart Association. “Hearth Disease and Stroke Statistics.” LIMRA.  2007.
4American Heart Association. “Heart Disease and Stoke Statistics.” 2007.
5Center for Disease Control, 2009.
6Cost of Care Maps Genworth 2010 Cost of Care Survey- 2010
7Get Sick, Get Out: The Medical Causes of Home Foreclosures” Health Matrix, 2009.
8Critical Illness Insurance 101 by mark Goldstein, http://ezinearticles.com/?Critical-Illness-Insurance-101&id=4450375
9The American Journal of Medicine, 2009
10USA Today, 3/18/2010 and 10/31/2008
11“America’s ‘Love-Hate’ Relationship with Life Insurance” LIMRA International. 2006.
12LIMRA – Trends in Life Insurance Ownership, 2005.
13Retirement Doomsday. http://www.forbes.com/2005/05/04/cx_da_0504topnews.html.2005.
14Average Retirement Savings. http://www.zero2rich.com/average-retirement-savings.html.2006″.

Please click here to view our privacy policy regarding insurance.

 

Site developed by Local Traffic Domination