How to Use Life Insurance While Alive

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Understanding Living Benefits in Life Insurance

What Are Living Benefits?

Living benefits in life insurance policies offer additional protection beyond the basic death benefit. These benefits can provide financial support in various situations while you’re still alive, ensuring that your life insurance policy is not just a safety net for your beneficiaries but also a versatile financial tool for you.

Types of Living Benefits

  1. Critical Illness Rider: This benefit provides a lump-sum payment if you’re diagnosed with a critical illness such as cancer, heart attack, or stroke. It helps cover medical expenses and other costs during a health crisis.
  2. Terminal Illness Rider: If you’re diagnosed with a terminal illness and given a limited time to live, this rider allows you to access a portion of your death benefit to cover expenses.
  3. Chronic Illness Rider: This rider offers financial assistance if you’re unable to perform daily living activities due to a chronic condition, helping cover long-term care costs.
  4. Return of Premium Rider: This feature refunds the premiums paid if you outlive the policy term, making it a valuable investment tool.
  5. Disability Waiver of Premium: This benefit waives your premium payments if you become disabled, ensuring your policy remains active without additional financial burden.

Benefits of Living Benefits

Financial Support During Illness Living benefits provide crucial financial support during severe health conditions, helping you cover medical bills and other expenses without depleting your savings.

Investment and Wealth Building With options like the Return of Premium Rider, your life insurance policy can act as an investment tool, offering financial returns if you outlive the policy term.

Flexible Fund Usage Living benefits give you flexibility in using the funds to meet various needs, from covering medical expenses to managing daily living costs during an illness.

How To Use Life Insurance While Alive

How We Can Help

At The Annuity Expert, we understand the strain unexpected health issues can cause. With 15 years of experience as an insurance agency, annuity broker, and retirement planner, we specialize in finding the best solutions at the lowest costs. We are committed to empowering you with comprehensive protection through living benefits, standing against the financial vulnerabilities that can arise from inadequate coverage.

Our primary goal is to ensure financial stability for you and your loved ones. We provide expertise in managing the high costs of medical treatment, securing long-term care, and ensuring a return on your investment. Facing a critical or chronic illness is stressful, and the fear of financial instability adds to that burden. We offer solutions that provide financial peace of mind, delivering tailored strategies that address your current needs and secure your future.

Use Life Insurance While Alive

What We Recommend

  • Step 1:
    • Consultation: Schedule a free consultation with us. During this session, we’ll assess your current life insurance policy, understand your needs, and discuss the living benefits that can enhance your coverage.
    • Main Benefit: Personalized assessment to identify the best options for you.
  • Step 2:
    • Customized Plan: Based on our consultation, we’ll design a customized plan that includes the most suitable living benefit riders for your situation. We’ll explain how each benefit works and how it can be activated.
    • Main Benefit: Tailored solutions that meet your specific needs and financial goals.
  • Step 3:
    • Implementation and Support: Once you’ve selected your plan, we’ll assist you in implementing it. We’ll handle all the paperwork and ensure that you understand the terms and conditions.
    • Main Benefit: Hassle-free implementation with ongoing support.

Addressing Concerns

  • Concern about Cost: We offer solutions that fit various budgets, ensuring that you get the best value for your money.
  • Complex Benefits: We simplify the process, providing clear explanations and support every step of the way.

Without adequate living benefits, you risk financial instability during health crises. This can lead to depleting savings, increased stress, and financial strain on your loved ones.

By working with us, you’ll have comprehensive coverage that offers financial peace of mind, security for your loved ones, and a strategic approach to managing life’s uncertainties. You’ll experience relief, confidence, and a sense of security knowing you’re well-protected.

Contact us today for free advice or a free quote and take the first step toward comprehensive financial protection.

Let Life Insurance Benefit You While You Are Alive

Get help with applying for life insurance from our team of experts. The service is free of charge.

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Frequently Asked Questions

How soon can you borrow against a life insurance policy?

If you have a whole life insurance policy, you can use it to borrow money. But there are a couple of things to remember. First, you need to have the policy for some time before it has enough value to borrow against. Second, when you borrow, it’s like taking out a loan. If you don’t pay it back, along with the interest, the amount you get when the policy pays out will be less than that borrowed amount and the interest accrued.

Does an IUL have living benefits?

An IUL policy combines universal life insurance with index-linked growth. Premiums cover costs and build cash value based on a stock market index like the S&P 500, protecting your principal from downturns. It offers flexible premiums, death benefits, tax-deferred growth, and tax-free withdrawals, making it a smart choice for enhancing your net worth.

Shawn Plummer, CRPC

Chartered Retirement Planning Counselor

Shawn Plummer is a Chartered Retirement Planning Counselor, insurance agent, and annuity broker with over 14 years of first-hand experience with annuities and insurance. Since beginning his journey in 2009, he has been pivotal in selling and educating about annuities and insurance products. Still, he has also played an instrumental role in training financial advisors for a prestigious Fortune Global 500 insurance company, Allianz. His insights and expertise have made him a sought-after voice in the industry, leading to features in renowned publications such as Time Magazine, Bloomberg, Entrepreneur, Yahoo! Finance, MSN, SmartAsset, The Simple Dollar, U.S. News and World Report, Women’s Health Magazine, and many more. Shawn’s driving ambition? To simplify retirement planning, he ensures his clients understand their choices and secure the best insurance coverage at unbeatable rates.

The Annuity Expert is an independent online insurance agency servicing consumers across the United States. The goal is to help you take the guesswork out of retirement planning and find the best insurance coverage at the cheapest rates

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