Chronic Illness

Most people know life insurance can provide financial security and continuity during one of life’s most difficult times: the death of a loved one.  What few people know is that life insurance can also help during another one of life’s most difficult times: a chronic, critical or terminal illness. This help comes in the form of optional riders called Accelerated Death Benefit Riders, also generically known as Living Benefits, which can be added at no additional cost.

The following story illustrates just what Living Benefits can do.
Sophia was only 50 years old when she was diagnosed with Multiple Sclerosis. With medication, she was able to effectively manage her symptoms for a few years.  Then, her disease progressed, first cutting her daily walks with her golden retriever short, then eliminating them altogether and bringing her to a point where she spent her days in her wheelchair.  Most days, Sophia’s daughter Mary would stop by to check on her and help with the basics like laundry, cleaning, etc. But as time went by, Mary was spending more and more time with her mom, often arriving right after her job as a teacher at the local high school and not getting home to take care of her own young family until after dinner. This situation left Sophia feeling guilty and Maryann frustrated and tired.

One day, Sophia ran into her life insurance agent. It had been a few years since he last saw Sophia and he suggested they get together to review her coverage. Once that happened, he reminded Sophia she had a Chronic Accelerated Death Benefit rider on her universal life policy. Sophia gave this some thought and after speaking with Mary, she decided to accelerate a portion of her death benefit. This enabled Mary to cut back on her hours at school and work part-time and allowed Sophia to make gifts to her daughter to off set her lost wages. It also resulted in Mary being able to better manage taking care of her mother, her kids, and herself.

Says Sophia, “This money was a Godsend. I didn’t want Mary to feel obligated to take care of me, so it helps her still pay her bills. Plus we get to spend time together without guilt and that’s worth more than I can tell you.”  Did you know an optional Accelerated Benefit Rider can provide income during a chronic illness?

What would it be worth to you?