I just got out of an appointment with my client Dana in Cottonwood, Arizona. She wanted an insurance policy that would be good for at least 20 years and would offer great living benefits. So, I was able to help her out with a large coverage term policy with good living benefits. It’s a $400,000 policy that would last for 25 years.
Now, let me elaborate on what living benefits are. Well, living benefits in a life insurance policy are those benefits that you have access to while you are still alive. For instance, if you get a chronic or terminal illness or you meet an accident that leaves you in a critical condition, your living benefit life insurance policy will pay off your medical bills either fully or partially, depending on the policy itself. You will simply have to send your doctor’s letter to your insurance company and they will send you a check.
These are the most common living benefits, but there are other types of living benefits as well that only a few insurance companies offer. We have specialized access to one such company – not a lot of insurance brokerage firms have such access. So, this company offers you huge discounts on prescription medicines, dentist and optician visits and a lot of other in-built benefits in all their policies. Even if you have a small policy with them, you will still have access to all of their benefits – this way, you will end up saving a lot of money!
So, if living benefits are important to you, then make sure to ask your insurance agent to get you a policy that has such in-built benefits. However, if you don’t need them, you should let your agent know this as well since they might be able to get you a better deal without the living benefits at a lower price. Either way, you will be saving a lot of your money.