5 Questions You Should Ask

Living Benefit Examples &

5 Questions you should Ask

The only thing that unites people is a common desire for the same thing.  Quote by Augustine.

A common interest we share, is a solution for when LIFE happens. 

Pay close attention for the next couple minutes while I give you some new information that will provide a wind fall resource when you need it most.

A critical component everybody should have in their financial arsenal is LIFE INSURANCE.

Let’s talk for a minute. 

The purpose of life insurance is to replace lost income so that survivors can continue their standard of living when death interrupts income from the provider.  When you purchase traditional Life insurance, you create an instant estate—called a death benefit that sits up in the clouds locked up there until the insured DIES.  This arrangement is probably the most morbid contractual agreement, but so necessary. 

But if you keep reading, I have a presentation I think you will like so much better.

The scenario that happens more often than death is the case where a serious illness interrupts income.  When that happens, what lifeline replaces income ? 

Many people do not know that life insurance has expanded to include not just a death benefit, but also LIVING BENEFITS. 

Accelerated death benefit riders called “Living Benefits” allow the insured to collect a portion of the policy face value when the insured (the person covered) suffers serious illness and does not die.

Let me describe 3examples of LIVING BENEFITS:

Isaac’s doctor told him he less than 2 years to live.  Using the terminal illness rider, he chose to access 90% of his death benefit to enjoy life to the fullest during his last 2 years.  The maximum accelerated death benefit from the National Life Group is $1.5MM. 

Sophie, at age 72 was diagnosed with Alzheimer’s disease and used her chronic illness rider to collect 2% of the face value each month.  She wanted to cover the costs for assisted living.  She has a $500K policy, so her living benefit pays up to $10,000 a month. 

Nicholas, a husband and father of two suffered a heart attack at the age of 54.  He used his critical illness rider (which was 70% of his policy face value) to cover the out of pocket medical expenses; pay off his mortgage and to set up an endowment to cover college for his children. 

Although we’ve just talked about some despairing scenarios, I can design a policy (term or permanent) that provides a very worthwhile benefit you can tuck away in your arsenal until you need it. 

One other thing you should know.  Many insurance companies offer a terminal illness rider and it stops there.  The insured has to have 1 foot in the grave to collect their benefit.  But the insurance providers I’m connected to offer TRUE living benefits that cover a broader range of scenarios that don’t necessary end in death.  That’s why you should contact me, I can add true living benefits to the coverage you already have at no additional charge.

Here’s an example. 

My father suffered coronary disease which required quadruple by-pass surgery.  He survived.  His critical illness benefit rider was available to distribute up to 70% of the policy face value for him to use however he chose. 

If you had a $1MM policy with a critical illness benefit rider – how would that help you handle a similar situation?

In closing, I go back to the thought we started with:

The thing that brings you and I together, is a common desire to have provisions already in place to cover setbacks on many levels---not just death cause I’m trying to live up in here---Aren’t you?

Here are 5 Questions you should ask?

1.   What chronic & critical health conditions run in your family, i.e. what ailments or health conditions could impact your future health which could be hereditary?

2.   How did family members of previous generations manage these health conditions?

3.   Have family members of previous generations endured incurable diseases or cognitive impairment that did not take their life right away, i.e. were they sick for a long time?

4.   Do you currently have Long Term Care?

5.   If a critical illness strikes, would you want to maintain your standard of living and afford in-home services to cover your needs or would you rather rely on your children and / or grandchildren to provide your needs?

If the answer to the last question is: 

“You’d rather manage your own care and provide your own needs”.

We need to talk. Contact me, Michael Lucas—at Equity Resource Network so we can add true living benefits at no extra charge that will help you:

·              live longer

·              live better and

·              live easier when life happens.