Terminal Illess
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.
Lydia was a healthy 53 year-old woman who managed a small bookstore she owned with her husband. For a number of weeks, Lydia became increasingly weak and had digestive problems. Once she started getting severe stomach pain, though, she knew it was time to see her doctor. Nine days later, Lydia was diagnosed with stage IV pancreatic cancer. She was given less than a year to live.
Lydia was determined to fight. She went through intensive chemotherapy, practiced meditation, and tried acupuncture. She also tried to continue managing the bookstore. After four months though, it was clear she simply could not.
Out of the blue, Lydia and Tom’s life insurance agent, Steve, called them to schedule a policy review, just to make sure everything was on track. Steve had no idea what Lydia was going through; he was stunned to hear what had happened since he last spoke with her. It was then that he reminded Lydia she had a rider on her life insurance policy that allowed her to accelerate the death benefit, meaning she could access money within her policy at that time, when she and Tom needed it most.
Lydia received a lump sum check for $153,465. She tearfully shared that this money would be used to pay for the co-pays and other costs insurance wouldn’t cover, as well as get help for Tom at the bookstore in her absence. Lydia died fi ve months later.
Did you know an optional Accelerated Benefit Rider can provide income during a terminal illness?
What would it be worth to you?
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