Living Life Insurance Benefits
While most people focus on the death benefit that is provided by their life insurance policy, there are also many living benefits. Living benefits allow policy holders to access a portion of their policy’s face value, which can be used in different ways.
There are many types of living benefits that are available with life insurance policies, including:
- Chronic illness – which will provide a payout of a monthly benefit if you are diagnosed with a chronic illness and are not able to perform two daily living activities, including eating, bathing, dressing, continence, toileting, and transferring.
- Critical illness – which will pay a lump sum benefit if the policy holder is diagnosed with a critical condition, including heart attack, stroke, cancer, ALS, kidney failure, or blindness due to diabetes.
- Terminal illness – which will provide a payout of a percent of the death benefit if they are diagnosed with a terminal illness that results in a life expectancy of 12 or less.
For all of your life insurance needs and to ensure that you are able to take advantage of all the benefits offered by the policy, contact Randy Jones Insurance Services in Pleasanton, California.