{"id":127,"date":"2022-04-18T17:23:49","date_gmt":"2022-04-18T17:23:49","guid":{"rendered":"http:\/\/fitness3.mythemecloud.io\/?p=127"},"modified":"2023-02-18T04:56:35","modified_gmt":"2023-02-18T04:56:35","slug":"how-living-benefits-changed-the-game","status":"publish","type":"post","link":"https:\/\/texaslifegroup.com\/2022\/04\/18\/how-living-benefits-changed-the-game\/","title":{"rendered":"Newly Added Living Benefits Is A Game Changer"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"127\" class=\"elementor elementor-127\">\n\t\t\t\t\t\t<section class=\"elementor-section elementor-top-section elementor-element elementor-element-30891829 elementor-section-boxed elementor-section-height-default elementor-section-height-default\" data-id=\"30891829\" data-element_type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-5ccdb21f\" data-id=\"5ccdb21f\" data-element_type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-115335e5 elementor-widget elementor-widget-text-editor\" data-id=\"115335e5\" data-element_type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t<style>\/*! elementor - v3.21.0 - 18-04-2024 *\/\n.elementor-widget-text-editor.elementor-drop-cap-view-stacked .elementor-drop-cap{background-color:#69727d;color:#fff}.elementor-widget-text-editor.elementor-drop-cap-view-framed .elementor-drop-cap{color:#69727d;border:3px solid;background-color:transparent}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap{margin-top:8px}.elementor-widget-text-editor:not(.elementor-drop-cap-view-default) .elementor-drop-cap-letter{width:1em;height:1em}.elementor-widget-text-editor .elementor-drop-cap{float:left;text-align:center;line-height:1;font-size:50px}.elementor-widget-text-editor .elementor-drop-cap-letter{display:inline-block}<\/style>\t\t\t\t<p>Most people buy life insurance so that their loved ones have financial security if they die. But\u00a0<a href=\"https:\/\/agents.ethoslife.com\/invite\/c17dd\" target=\"_blank\" rel=\"noopener\">life insurance<\/a>\u00a0could also benefit you while you\u2019re still alive. Some life insurance policies come with living benefits\u2014funds you can tap into while you\u2019re still alive. These living benefits exist to provide financial support if you are diagnosed with a terminal illness, chronic illness or require long-term care.<\/p><p>Though no one likes to believe that a serious illness could happen to them, the truth is that it\u2019s fairly common. For instance, close to 40% of people will be diagnosed with cancer in their lifetime. And research from the American Society of Clinical Oncology finds that treatment could cost around $20,000 to 30,000 a year, about half of the average annual U.S. household income.<\/p><p>There is also a 70% chance that the average 65-year-old will need long-term care services, according to the U.S. Department of Health and Human Services.<\/p><h2>What Are Life Insurance Living Benefits?<\/h2><p>Living benefits come in the form of\u00a0<a href=\"https:\/\/agents.ethoslife.com\/invite\/c17dd\" target=\"_blank\" rel=\"noopener\">life insurance riders<\/a>\u00a0attached to a life insurance policy. Sometimes they\u2019re also known as accelerated death benefits and are available on both\u00a0<a href=\"https:\/\/agents.ethoslife.com\/invite\/c17dd\" target=\"_blank\" rel=\"noopener\" data-wpil=\"url\">term life insurance<\/a>\u00a0and\u00a0<a href=\"https:\/\/agents.ethoslife.com\/invite\/c17dd\" target=\"_blank\" rel=\"noopener\">permanent life insurance<\/a>\u00a0policies.<\/p><p>Living benefits essentially allow the insured to access money from the policy\u2019s death benefit while they\u2019re still alive. These funds can be used to pay for expenses associated with terminal or chronic illness, such as medical care, hospice or nursing home care, in-home caretakers and more. The trade-off is that accessing living benefits reduces the death benefit available to your beneficiaries when you die.<\/p><p>Examples of common living benefits include:<\/p><p><strong>Terminal illness:<\/strong>\u00a0If you are given a terminal diagnosis with a life expectancy of six months to two years (exact timeline depends on the insurer), you can use this rider to cover end-of-life care and other associated expenses. Often, a terminal illness rider is automatically included in the policy without extra cost, but you should check with your insurer to find out.<\/p><p><strong>Chronic illness:<\/strong>\u00a0This rider applies if you\u2019re diagnosed with a chronic illness that prevents you from performing at least two of the six \u201cactivities of daily living\u201d (ADLs). These are bathing, eating, getting dressed, toileting, transferring and continence.<\/p><p><strong>Critical illness:<\/strong>\u00a0You can also access living benefits with a critical illness rider, covering qualifying illnesses that shorten life expectancy and have high medical costs. Examples include heart attack, stroke and kidney failure.<\/p><p><strong>Long-term care:<\/strong>\u00a0This rider allows you to access living benefits if you need to pay for long-term care services and you can\u2019t perform at least two of the activities defined under ADL guidelines.<\/p><p>Keep in mind that to access living benefits in life insurance, you will need to submit a claim to your insurance company along with medical records and other documentation. You may receive living benefits as a lump sum or on an as-needed basis. Often, you\u2019re limited in how much you can withdraw to a certain percentage or dollar amount of your policy\u2019s death benefit, such as 80%.<\/p><h2>How Much Is Life Insurance With Living Benefits?<\/h2><p>Living benefits may be included with your life insurance policy at no additional charge. For example, a terminal illness rider is typically included automatically on term life policies for no additional fee. Ask your insurance agent if there\u2019s a charge or a critical illness or chronic illness rider.<\/p><h2>How to Get a Life Insurance Policy With Living Benefits<\/h2><p>If you\u2019re interested in adding living benefits to your policy, be sure to ask insurance companies about your options when shopping for a policy.<\/p><p>It\u2019s common to opt into a living benefits rider when you first purchase your<a href=\"https:\/\/agents.ethoslife.com\/invite\/c17dd\">\u00a0life insurance policy<\/a>. Many policies also automatically come with at least one living benefits rider, such as terminal illness.<\/p><p>Even so, it may be possible to add on a living benefits rider later. There might also be a waiting period during which you cannot access living benefits. Once the waiting period is up, you can file a claim and access your benefits if you\u2019re eligible.<\/p><p>Bond, C., Tilford, A., 2022, Forbes Advisor,\u00a0 &#8220;Life Insurance with Living Benefits&#8221;; Ref: <a href=\"https:\/\/www.forbes.com\/advisor\/life-insurance\/living-benefits-in-life-insurance\/\">Link<\/a><\/p><p>\u00a0<\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Most people buy life insurance so that their loved ones have financial security if they die. But\u00a0life insurance\u00a0could also benefit you while you\u2019re still alive. Some life insurance policies come with living benefits\u2014funds you can tap into while you\u2019re still alive. These living benefits exist to provide financial support if you are diagnosed with a 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