Life insurance with living benefits: to be or not to be, stop being the question. To be or not to be, that is the question, said, Hamlet. In two decades, the average lifespan in the US will be 85.1 years, according to the census bureau. People who are now 50 wonder how they will survive the 25 years after retirement.
Due to medical advances, many people survive heart attacks, strokes, or cancer itself. Most of these illnesses prevent survivors from continuing an active work life, yet they still have to pay their water, electricity, mortgage, and shopping bills.
Life insurance companies have realized this dilemma and have created life insurance with benefits in life. This type of insurance gives the beneficiary the option to claim part of the living death benefit if certain events occur in their health, classified as critical, chronic, or terminal illnesses.
For example, Pepe is married and the father of two children. He has been paying life insurance with living benefits for 5 years, with a coverage of $ 400,000. For if he dies, his family is financially protected. Suddenly, Pepe suffers a heart attack that takes him out of working life and this good man decides to claim part of the benefit of his policy from the insurance company.
As Pepe has suffered a critical illness, his insurer can “advance” him $ 100,000 to spend on whatever he wants. However, when Pepe dies, the family will still receive the remaining money.
Pepe could also have part of his money, in the event of retirement. Life insurance with living benefits: to be or not to be, stop being the question.
This is how life insurance with a life benefit banishes the to be or not to be dilemma forever. That is no longer the question.
Life insurance: to be or not to be, not a question
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