Life Insurance with Living Benefits

Life Insurance with Living Benefits

Mature Texans Financial Solutions

Each year, 6 million individuals receive a diagnosis of a heart attack, stroke, or cancer. While 70% of them manage to survive, a startling fact emerges — over half of these survivors face financial hardship. These adversities not only take an emotional toll on the entire family but also have severe financial repercussions. Consider transitioning to a life insurance policy with living benefits safeguarding your family’s quality of life.

What are Living Benefits?

Living Benefits, or Accelerated Death Benefit Riders, are a crucial feature in life insurance policies. A policy featuring living benefits riders will grant “early access” to the policy’s death benefit while the insured party is still alive. These benefits offer an advance of either a portion or the entirety of the life insurance benefit if the insured suffer any of the triggering conditions contained in that policy’s living benefit rider. Accelerated benefits are seamlessly integrated into a life insurance policy through a rider, and the best part is that there’s no additional premium involved. Essentially, this rider provides unrestricted cash payments, empowering you to access a portion or the entirety of your life insurance policy benefits while you are still alive.

Living benefits play a vital role in alleviating financial burdens associated with medical expenses, especially for individuals dealing with critical or chronic illnesses, terminal conditions, or specified medical conditions. Without these benefits in place, a medical crisis has the potential to be financially devastating, eroding your savings or the funds earmarked for retirement.

Money When It’s Needed Most

As the insured, you can allocate the benefit as you see fit. You can utilize for anything that eases life’s challenges during tough times. This flexibility encompasses a range of possibilities, such as covering household expenses, bills, home modifications, nursing care, medical costs, mortgage payments, or even a family trip. More importantly, there are no constraints on how you choose to use the funds and no obligation to repay the amount received, as it essentially represents an advance on your life insurance benefit.