Safeguard your family

Living Benefits allow you to access an insurance policy’s death benefit while you are still alive. Living Benefits can provide financial support to families and individuals when they are facing serious health challenges. The benefits can be associated with terminal, chronic or critical illnesses. It is important to note that certain circumstances must be present to qualify for living benefits and they are not suitable unless you also have a need for life insurance.

You can use the money for any purpose, including medical and non-medical expenses, income replacement, compensation for non-licensed care providers, structural changes to a home to accommodate an illness or disability.

Whether or not you will qualify depends on the severity of the condition and diagnosis itself. Every person who applies for life insurance goes through a medical underwriting process, and your eligibility to qualify will be determined by your unique set of circumstances.

You have the option to start with a less expensive Term Life insurance policy and convert it to a permanent life insurance policy later in life.

Once a qualifying condition is diagnosed and approved by the insurance company, the benefits can sometimes be accessed within a few weeks. Some of the benefits require a waiting period up of to 90 days from the date the policy is issued. It is also important to note that if the diagnosis occurs within the first 2 years of the policy being issued, the insurance company has the right to review the claim/policy.

There are many factors that are used to determine the cost of life insurance. These include the type and amount of coverage needed, age, health, lifestyle, occupation and gender. It is important to note that the cost of insurance can be significantly impacted by your medical history and lifestyle choices (smoking, exercise, diet, driving record, risky hobbies).

When you are young and healthy is the best time to get life insurance. It costs less, and if your health changes before you get insured, you may not qualify for life insurance when you get older.

It deserves some serious consideration. Even if no one is dependent on you at this time in your life, you may want to purchase life insurance to cover your debts, taxes, and final expenses, like funeral arrangements, so the financial burden does not fall on your loved ones. If your future plans include a spouse and/or children, you can lock in lower premiums now while you're young and healthy. Premium rates will increase as you age, or if your health deteriorates.