Life Matters

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Putting “Life” in your life insurance policy.

There have been many beneficial changes to the life insurance product that most policyholders, and potential policyholders are unaware.
The long held public belief is that the only time a benefit is paid from a life insurance policy is on the death of the insured person. But, recent changes approved by most state’s insurance regulators allows insured persons to get benefits from their policies while they are alive. In other words “Insurance you do not have to die to use … Living benefits”.

Here is how it works. Most insurance companies can now include in their policy offerings a benefit call the Accelerated Benefit Riders (ABR) at no extra cost. This allows the insured to access a portion of their policy death benefit in event of a severe, or life threatening critical, chronic or terminal illness. This is money that can be used to assist with medical or other expenses as the policy holder desire. Let’s look at an example, we will call the insured Dan Mann. Dan Mann has a $200,000 policy, he is diagnosed with terminal cancer, if he elects to use the accelerated benefit he could get up to 90% ie $180,000 paid to him as a lump sum. Mr. Mann could elect to take a lesser amount if he so desire.

Another beneficial change is the introduction of Indexed Universal Life policies.
In summary these policies;
Provides total protection from market losses, because the contract guarantees that the cash value will never have a negative return.
An annual reset provision allows the policyholder’s gains to “lock in” each year of positive return.
Protection of the accumulated values in the policy from the claims of creditors in event of a bankruptcy, judgement etc.

This is an excellent policy to include in a policyholder’s retirement, and or children’s education funding plan.

For detailed explanation on these changes please contact
Delton Phillips, CLU, MBA.
Insurance Advisor
Telephone: 954 330 1406
Email: [email protected]