What is Living Benefit ?

Living benefit is formed with 5 different category

1: Critical illness
2: Chronic illness
3: Terminal illness
4: Accidental benefit
5: Death benefit

Critical illness??!! (Please Refer to chart bellow)

Accelerated benefit for critical illness. You may accelerate up to 100% of the policy’s death benefit if you suffer from a critical illness as defined in the rider. The illness must first occur on or after the start date of the rider. The amount paid will be based on your age and the severity of the illness, and will be less than the amount accelerated. Your death benefit will be reduced by the amount accelerated.

Chronic illness??!! (Please Refer to chart bellow)

Accelerated benefit for chronic illness. May accelerate up to 25% of the policy’s death benefit if certified by a licensed health care practitioner in the previous 12 months *(varies by companies) as having a qualifying chronic illness. This rider does not terminate after the initial acceleration. Subsequent annual accelerations are available, upon continued qualification, until your client accelerates either 100% of the death benefit or the lifetime maximum of $1,000,000 *(varies by companies) Paid prior to death so amount paid will be less than the amount accelerated. May not be available in all states and is subject to underwriting requirements. Policy death benefit will be reduced by the amount accelerated.
The client should seek tax advice before exercising this rider.

Terminal illness??!! (Please Refer to chart bellow)

Accelerated benefit for terminal illness. If you are diagnosed with a terminal illness and not expected to live more than 24 months*(varies by states), this rider may accelerate up to 100% or less of the policy’s death benefit, not to exceed $1,000,000 *(varies by companies) The amount paid will be less than the amount accelerated, and your death benefit will be reduced by the amount accelerated.
These are some example of the riders *(varies by companies)

• Accelerated benefit for critical illness
• Accelerated benefit for chronic illness
• Accelerated benefit for terminal illness
• Waiver of monthly deductions if you are disabled
• Accidental death benefit rider
• Over loan protection rider
• Primary insured term life insurance rider
• Spouse term life insurance rider
• Children’s level term insurance rider