Life Insurance with Living Benefits
Provides financial support during medical emergencies, covering critical, chronic, or terminal illnesses. It offers income replacement and access to cash value, ensuring peace of mind for you and your family during challenging times.
Financial Security for Life's Challenges
Life insurance can support your family after you’re gone. However, some policies offer more than just a death benefit. These are known as “living benefits,” which provide financial support during medical emergencies while you’re still alive. Known as life insurance with death benefits, they are a backup fund for unexpected health challenges.
At Doyle Assurance Group, we have over 50 A+-rated carriers offering life insurance with living benefits that go beyond traditional coverage. In addition to the standard death benefit, this policy allows you to access funds if you face chronic, critical, or terminal illnesses. This flexibility provides added financial security during challenging times, ensuring you have the support you need when you need it most.
Samm Smeltzer
In all honesty, Webtec is the best agency we've ever worked with.
Sydney Tomlin
I'm impressed with Webtec's will-do attitude and their thoughtful layout of the website.
Who Needs Life Insurance with Living Benefits?
Certain factors influence your need for life insurance with living benefits. These include:
Family Medical History
Your family’s medical history can influence whether a life insurance policy with living benefits is right for you. If your relatives have had critical or chronic illnesses like cancer, heart disease, or dementia, this type of insurance could be valuable.
Get life critical illness insurance to cover medical expenses in case of a similar diagnosis. Understanding your family’s health patterns can help you make an informed decision about adding these benefits to your policy.
Why Get Life Insurance with Living Benefits
Offers financial support during critical illnesses, income replacement, and access to cash value, helping cover medical costs and maintain financial stability.
Add To an Existing Policy
You can often add living benefits to an existing policy using riders. The availability of these riders depends on your policy type and insurer. Your insurance agent can guide you through the process and explain how it impacts your current policy.
Essential Coverage for Critical Illnesses
Get crucial financial aid if you face a critical illness. Get emergency funds for medical bills, treatment costs, and other healthcare expenses, ensuring you have the support needed during tough times.
Financial Support When You Need It Most
This insurance offers income replacement during severe illnesses, ensuring you can manage financial responsibilities like mortgage payments and everyday expenses.
Access Cash Value
Most life insurance policies include a cash value component that grows over time. You can use these funds for significant expenses, such as college tuition or a down payment on a retirement home. Manage large financial needs without disrupting your long-term financial plan.
Save Financial Resources
Utilize your insurance benefits instead of depleting your savings or liquidating investments to cover medical expenses. Ensure that your financial resources remain intact and your long-term investment plans stay on track.
Assurance for You and Your Family
Get peace of mind knowing you can cover medical costs for serious health issues. It provides a safety net, ensuring you and your family remain financially stable despite challenging circumstances.
Evaluating Your Financial Circumstances
- Can you cover medical expenses not covered by health insurance? If you have enough money, you might not need life insurance riders, i.e., life insurance with living benefits. If not, riders could help with medical bills.
- Also, think about whether a permanent life insurance policy with cash value suits you. Consider the extra cost versus the benefits of saving money and accessing funds for big expenses like college or home improvements.
How Doyle Assurance Group Can Help
- We offer access to over 50 A+ rated carriers, ensuring you have a range of high-quality options for your life insurance needs. Choose the right policy and benefits based on your unique circumstances. Contact us for life insurance with living benefits quotes.
Frequently Asked Questions
What is life insurance with living benefits?
Life insurance with living benefits offers dual protection. It provides a death benefit for loved ones and allows you toge a portion of the policy while alive if you have a terminal, chronic, or critical illness. This provides financial security during your lifetime and after.
What illnesses do living benefits cover?
Living benefits typically cover terminal illnesses with a short life expectancy, chronic illnesses impacting daily life, and critical illnesses like cancer, heart attack, or stroke.
Do I reduce death benefits by accessing living benefits?
Yes, accessing living benefits will reduce the total death benefit of your policy. When you use these benefits, the amount you withdraw or use will be deducted from the death benefit paid to your beneficiaries. This means that the remaining death benefit will be lower than initially intended.
What are the living benefits of a life insurance policy?
Living benefits let you access a portion of your life insurance policy’s death benefit while you’re alive if diagnosed with a qualifying illness. This money can cover medical bills, lost income, or other expenses.
Can living benefits be used for non-medical expenses?
Yes, living benefits can be used for any purpose. While they can cover medical expenses, they are not restricted to healthcare costs. You can use the funds to pay for daily living expenses, debt, or other financial needs. Your life insurance policy turns into a traditional policy if you don’t use living benefits. In that case, your beneficiaries will receive full death benefits.
How are premiums affected by living benefits?
Living benefits typically result in slightly higher premiums compared to standard life insurance policies. The added cost reflects the extra coverage and flexibility these benefits provide. While premiums may be higher, the enhanced protection and financial support during critical times make these policies a worthwhile investment.
How do I know I qualify for life insurance with living benefits?
To qualify for living benefits, you must be diagnosed with a qualifying illness by a medical professional. Your insurance policy will detail the specific conditions and terms. Review these terms carefully to understand what qualifies and how to access the benefits.
Do taxes apply to living benefits?
Living benefit payouts are generally tax-free. However, tax laws can change, and your situation might have unique considerations. It’s essential to consult a tax professional for personalized advice
Ready to Secure Your Future?
Don’t wait to protect yourself and your family from unexpected health challenges. Get started with life insurance with living benefits today!
