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Life for the Living™ is an innovative life insurance concept that offers flexibility when meeting your insurance needs.
Life for the Living™ is a powerful, one of a kind, financial tool that provides your family with financial security at death but also provides your family with financial security in the event of a long-term or chronic illness.
Through the acceleration of the death benefit due to a chronic illness, this multi-dimensional life insurance concept covers the entire lifetime of the insured and can provide significant living benefits in addition to a death benefit. Think of this as a “Use It or Use It” approach. It’s important to note that the acceleration of the death benefit as a result of a chronic illness provides living benefits on a cash basis that can be used for any purpose. For 2010, the maximum that can be accelerated for a chronic illness is $105,850 or $290/day, which is indexed annually.
Selecting a life insurance policy that provides living benefits gives you an extra advantage as it is designed to change with the events of their lives. By providing financial security for survivors through death benefit protection as well as lifetime financial security to cover costs associated with a long-term illness, you can be protected no matter what lies around the bend.
Discover living benefits within a life policy.
Life for the Living™ is a competitive Universal Life concept which provides life insurance with an accelerated benefit without having to qualify for long-term care insurance. No other life insurance policy has this benefit as it only requires life underwriting with no additional cost for the acceleration and is on all policies up to $2 million of death benefit.
60% of all Americans who reach the age of 65 may need long-term care at some point in their remaining lives. Health insurance plans do not cover certain costs associated with long-term illness and Medicaid only pays when an individual has spent down or liquidated a substantial amount of their assets.
Up to now, the only options available to plan for the expenses related to chronic illness or long-term care was to purchase long-term care insurance, self-insure or spend down most assets and qualify for Medicaid. Long-term care insurance can be quite valuable yet often costly and the possibility does exist of never needing the benefit. As such, it’s a “Use It or Lose It” policy. Self-insuring is risky as retirement income and retirement assets could be depleted, leaving a smaller nest egg for the spouse and/or surviving children.
Life for the Living™ was named a “revolutionary new product” by Financial Advisor.
To find out more about this exciting possibility, please contact Randy Vogt via email, or phone: (631) 239-6655.
Posted at 01:25 pm on February 24, 2010
