Are You, Your Family and Your Legacy Protected?

Have Access to Money in Case You Get Sick

With longer life expectancies, people rightly worry about the costs of chronic care. According to a study published in The American Journal of Medicine in 2018, more than 42% of 9.5 million diagnosed with cancer from 2000 to 2012 drained their life’s assets in two years. In the case of a disease like cancer or other qualifying illness, some Life Insurance Policies offer options called riders that allow you to use a portion of your death benefit while you’re still living to pay the costs associated with a terminal, critical or chronic illness.

Finally, long-term care benefits, by definition, only cover costs associated with specific care provided. Life insurance riders that offer living benefits usually do not have limits on how you can use your benefits, whether you need to make accommodations at home, buy groceries, or pay travel expenses for visiting family. However, using these benefits may reduce or eliminate the amount your beneficiaries receive.

Leave a legacy

You want to leave a meaningful amount of money to people you love and causes you care about. Many planning strategies use the death benefit from a Life Insurance Policy as a funding source leave an estate legacy to a or many beneficiaries. Typically, your beneficiaries won’t have to pay any taxes on the money they receive from your life insurance policy (per IRC 101(1)(a)). This benefit can also provide a meaningful donation to a charity or organization you care about, as well as loved ones.