Living Benefits Life Insurance

Shawn Plummer

CEO, The Annuity Expert

You may be familiar with the advantages of life insurance, such as how securing can assist financially protect your loved ones if you died. Did you know, on the other hand, that life insurance can also provide benefits while you’re still alive? This guide will go over the advantages of living benefits life insurance.

What Does Living Benefits of Life Insurance Mean?

Permanent life insurance is a type of policy that allows you to build cash value in your life insurance policy over time. This is considered a living benefit of life insurance because, unlike a death benefit, which pays out when you pass away, you may use the money while you’re still alive.

What Is a Living Benefit Rider?

A living benefit rider is an optional extra on your basic life insurance policy that adds benefits and protection to you. A rider comes in useful when you have needs that aren’t addressed by a standard insurance plan. A rider is used to customize your policy to meet your specific requirements.

An accelerated death benefit rider, for example, may pay out a portion of your death benefit while you’re still alive if you are terminally ill. You might use the payment for things like medical bills, as well as other items. When you pass away, your beneficiaries will receive a lower life insurance payout since you used part of the policy while alive.

In most cases, utilizing a living benefit is tax-free.

Living Benefits Life Insurance Help Pay For:

Living benefits life insurance can help provide additional layers of protection — just one more way life insurance helps protect what matters most.

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Shawn Plummer

CEO, The Annuity Expert

I’ve sold annuities and insurance for more than a decade. My former role was training financial advisors, including for a Fortune Global 500 insurance company. I’ve been featured in Time Magazine, Yahoo! Finance, MSN, SmartAsset, Entrepreneur, Bloomberg, The Simple Dollar, U.S. News and World Report, and Women’s Health Magazine. My goal is to help you take the guesswork out of retirement planning or find the best insurance coverage at the cheapest rates for you. 

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