January is Living Benefits Awareness Month.
If you're among the vast majority of Americans who have never heard of Living Benefits, we created Living Benefits Awareness Month just for you.
Put simply, Living Benefits life insurance works exactly the same way the "old kind" of life insurance does by paying a death benefit to your loved ones if you pass away – but it also adds crucial payout triggers that put money in your hands if you suffer a serious illness or injury. These Living Benefits features carry the power to save you from financial disaster, and come at no extra cost to you.
It's not more expensive coverage – it's more expansive coverage for today's modern world.
GoFundMe is a wonderful tool that allows us to help friends, family, and fellow human beings who are in desperate need of financial help after an unexpected health event. However, all research and statistics show that GoFundMe is not a reliable source of funds and should NOT be your backup plan if something goes suddenly sideways with your health!
Did you know?
- Only 12% of GoFundMe campaigns reach their funding goal.
- More than 16% of GoFundMe campaigns go completely unfunded.
GoFundMe is not a reliable backup plan if you get sick.
Living Benefits are free features that allow you to accelerate your life insurance policy’s benefits while you’re still alive, putting potentially hundreds of thousands of dollars in your hands upon diagnosis of a major illness or injury.
Do More With Your Life Insurance Policy.
Better in Every Way:
There's a long list of triggering events that could allow you to access crucial money from your life insurance policy - while you're still alive.
Money When You Need it Most:
...not just in case you die. If you get seriously sick or injured, Living Benefits money can be used to replace your income while you recover, pay for the best treatment available, and get you back on your feet.
More For The Same Price
Living Benefits give you more options, more flexibility, and more protection - all for the same price as an old-fashioned life insurance policy that only pays out if you die. It's a no-brainer.
Living Benefits, Explained.
Living Benefits have been around for over 20 years, yet most Americans still don't know what they are or what they do. Living Benefits allow policyholders to access their death benefit to get money in their hands when they need it most if they suffer a heart attack, stroke, cancer, or other qualifying illness. And the best part is, these benefits come at no extra cost!
Living Benefits FAQs
Living Benefits are the NEW kind of life insurance. In short, it's life insurance you don't have to die to use.
Living Benefits life insurance represents a modern twist on life insurance coverage. A policy featuring free living benefits riders (also known as accelerated benefit riders, or ABRs) will grant “early access” to the policy’s death benefit while the insured party is still alive if they are to suffer any of the triggering conditions contained in that policy’s living benefits riders.
Once a qualifying health event has occurred on an active policy, a Living Benefits policy will allow the insured party to accelerate the death benefit, essentially allowing early access to the policy’s death benefit at a discounted rate. That discount will vary depending on the severity of the illness or injury. The more impact the health condition had on the insured’s life expectancy going forward, the more money they will be offered per given amount of death benefit.
For example, a client with a $500,000 Term policy who suffers a major, life-threatening cancer diagnosis may be offered $400,000 in exchange for accelerating their full $500,000 policy. On the other hand, a client who suffers a minor heart attack and whose prognosis is very positive may only be offered $100,000 in exchange for the full $500,000 acceleration. In all cases, it is the client’s decision of whether to accept the offer and take the money or leave the full death benefit in place. In many cases, it’s even possible for the client to accept a partial offer and get some money in their hands while leaving a portion of death benefit in place for the future.
ABRs and triggers can vary widely between insurance carriers and products, so it’s important to have the help of a licensed expert. A Living Benefits expert can educate you on what riders are included on any Living Benefits policy you may be considering and know what conditions would qualify for a Living Benefits claim. The top Living Benefits products out there will offer all of the following ABRs and associated triggers at no extra premium cost:
Terminal Illness: Pays out upon diagnosis of a terminal illness (1-2 years max life expectancy)
Chronic Illness: Pays out if patient is unable to independently perform 2 of 6 activities of daily living or is left with severe cognitive impairment
Critical Illness: Pays out if patient isdiagnosed with cancer, heart attack, stroke, major organ transplant, kidney failure,ALS, blindness, and up to 17 other triggering conditions
Critical Injury: Pays out in case of paralysis, coma, major burns, or severe brain injury
In this day and age, it always makes sense to have Living Benefits included as part of your life insurance policy.
Compared to traditional life insurance, which only pays out the death benefit if you die, Living Benefits provide you with more options and more access to your policy’s benefits in more scenarios. Any Living Benefits claim offer can always be declined if you wish, but having options is always better than not having options, especially after a major unexpected health event.
At Alliance Group, Living Benefits are kind of our thing. Reach out to us – we can connect you with our network of licensed Living Benefits experts who can audit any current coverage you have and make sure your family has the most modern and up-to-date coverage available.
Are You Ready to Get Protected With Living Benefits?
Reach out now and get started. There's no better time than now!