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Life Insurance with Living Benefits: Final Expense and Term Life Insurance

Life can be unpredictable, emotional, and tough. Planning ahead for these difficult times can help ease some of the burden and pain we experience when we lose a loved one.

For families relying on a single or limited income, the loss of a loved one can be painful both emotionally and financially. We all know someone, whether it be ourselves or someone we care about, who has been diagnosed with a serious illness, leaving life as they knew it to change drastically.

A majority of families who file for bankruptcy do so because of medical expenses. Unfortunately, Medicare and other types of medical health care coverage do not fully protect all of your assets. Preparing for unexpected severe illnesses or the passing away of a loved one can wreck havoc in more ways than one, and no one wants to be concerned about money when going through a tough situation.

Giving your family the gift of financial security is a unique, special gift that cannot be matched. Life Insurance with Living Benefits can help provide peace of mind and security to all involved. My Medicare Partners proudly offers Final Expense life insurance and Term life insurance plans to meet varying family needs.

Funeral costs are on the rise while Social Security and retirement benefits stagnate. Consumer reports indicate that the average funeral costs at least $10,000! That doesn’t include paying off any outstanding debts and making sure surviving loved ones can live financially comfortably.  Taking care of the costs of your final expenses now can pay off in the end.

did-you-know-image

Did You Know: Debts you leave behind can hurt your loved ones? Before assets can be passed on, any outstanding debts must be paid. Life insurance can help ease the burden and provides loved ones with tax-free income.

What is Life Insurance with Living Benefits?

Simply put: It’s life insurance you don’t have to die to use.

Most life insurance policies only provide a benefit when the beneficiary passes away. While these benefits clearly provide some solace during a difficult time, we believe that you deserve the most in life, including access to your benefit should you become ill or unable to care for yourself.

Living Benefits allow a beneficiary to accelerate a large portion of their death benefit (sometimes called face amount) if they become diagnosed with a Critical, Chronic*, or Terminal Illness.  

Policyholders who are diagnosed with a stroke, heart attack, cancer, kidney failure, Lou Gehrig’s Disease, or an organ transplant may opt to receive a portion of their death benefit – tax free – to utilize for whatever they see fit. If a policyholder chooses to accelerate their benefit, their future premiums are also reduced, based on the newer, lower remaining death benefit.

*The Final Expense policy does not include a Chronic Illness rider.

What Types of Life Insurance Are There?

My Medicare Partners offers our Members two different types of Life Insurance products: Final Expense Life Insurance and Term Life Insurance.

Final Expense policies are designed to provide coverage for funeral or other final expenses, to provide financial peace of mind in the case of a serious illness or accidental death, and to supplement lost income due to the death of a loved one. They also allow beneficiaries to accelerate their death benefit in the case of a critical or terminal illness. Final Expense policies are “whole “life” policies with level premiums and level death benefits.

Term Life policies are designed to cover short-term debts, medical expenses, mortgage payments, and lost income. Term policies also allow beneficiaries to accelerate their death benefit in the case of a chronic, critical, or terminal illness. Term policies are not permanent and are available for 10, 15, 20, and 30 year term lengths.

So, which Life Insurance policy is best for you? It depends. Read more below, then contact our licensed Agents who can find a plan to meet your budget and your needs. Planning ahead for life’s “what ifs” is one of the most important things you can do.

Final Expense Life Insurance

Funeral costs are on the rise while Social Security and retirement benefits stagnate. Consumer reports indicate that the average funeral costs at least $10,000! That doesn’t include paying off any outstanding debts and making sure surviving loved ones can live financially comfortably.  Taking care of the costs of your final expenses now can pay off in the end.

did-you-know-imageDid You Know: debts you leave behind can hurt your loved ones? Before assets can be passed on, any outstanding debts must be paid. Life insurance can help ease the burden and provides loved ones with tax-free income.

The Final Expense Life Insurance offered by our Agents goes above and beyond the typical plan: it also provides you with “Living Benefits.”

Living Benefits allow policyholders to use up to 95% of their death benefit while they are still living! Should a terminal or critical illness strike, Living Benefits can be exercised tax-free to replace lost income or to provide extra peace of mind during a tough time.

When a person passes away, their legacy doesn’t have to end there. 67% of grandparents report that preserving their family ties and traditions are very important to them. Providing loved ones with financial peace of mind is a great way to ensure a loss to the family isn’t catastrophic.

did-you-know-imageDid You Know: Heart disease is the #1 cause of death for American men and women? Each year, over 780,000 Americans have a heart attack; about half of them will have another one in their lifetime. High blood pressure, high cholesterol, and many other health conditions can increase your risk.

 

Optional additions to the product include:

  • Accidental death rider (included for applicants under age 65): pays beneficiaries an additional 100% of the death benefit
  • Living Benefits (included): allows insured to take up to 95% of their policy’s death benefit early, while still alive, tax-free
  • Birthday gift rider: provides annual birthday cards and monetary gifts to up to five surviving family members
  • Education rider: provides four annual payments to beneficiaries to help supplement college expenses or military enlistment
  • Lifetime income rider: ensures beneficiaries have a monthly income stream

Final expense plans are affordable: the benefit amount is fixed and rates are guaranteed for the life of the policy. Very few health questions are asked and plans are typically approved within days. Plus, there are no waiting periods to exercise the benefits! Plan ahead for your family’s toughest times. They will thank you for it.

Term Life Insurance with Living Benefits

Life is full of unexpected events, some of which can be life altering. Serious medical issues can put a strain on a family’s financial nest egg, leading to bankruptcy, eviction, and unprecedented stress. Even when we survive cancer, strokes, and other serious health events, the financial strain can be felt for years – if not longer.   

Term Life Insurance with Living Benefits allows a policyholder to accelerate up to 95% of his or her death benefit in the event of a critical, chronic, or terminal illness – including the inability to perform one’s activities of daily living.

did-you-know-imageDid You Know: Nearly 70% of seniors will need long-term care or assistance performing their activities of daily living? Over 40% of seniors will need full-time care in a live-in facility like a nursing home.

Most life insurance plans do not pay out benefits until a loved one has passed away. But Life Insurance with Living Benefits allows a policyholder to exercise a portion of their benefit while they are still alive – tax free – to ease the burden of costs associated with assisted living, medical treatment, and much more. In the case a loved one is no longer able to earn income, Living Benefits can supplement lost income to ensure quality of life is not affected.

In addition to the critical, chronic, and terminal illness (Living Benefits) riders which allow a policy to be paid out early, our product also offers an optional accidental death benefit rider which pays an additional lump sum to beneficiaries.

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