It is standard to make sure there is a policy in place for your family, home, and business to ensure the protection and safety of your daily life, but what do you do when tragedy strikes your family and you don’t have the means to pay for it? In the midst of chronic or critical care, the last thing you should have to think about is the financial aspect. Reach out to an expert at Webb Insurance to help you craft a policy that is best for you and your unique situation. But what is the difference between a life insurance policy and a rider policy?
Life Insurance VS Living Benefits Rider
Life insurance is a policy that is in place with payments made while the policyholder is still living but is not paid out until after their death. The recipient is usually stated in the policy as well. A Living Benefits Rider is a policy that allows the policy holder access to benefits early due to an extenuating case where the policyholder can be the recipient. And, sometimes the benefits can be as high as $2,000,000.00
What Does A Living Benefits Policy Rider cover?
To have access to a Living Benefits Rider, you must have a qualifying medical situation. We all hope that these situations don’t happen, however, a living benefits policy can tremendously help families in need and lift the financial burden during times of high stress. There are several different options including the following:
- Critical Illness
- such as stroke, cancer, or a heart attack
- Chronic Illness
- Loss of 2 Activities of Daily living
- Could include inability with feeding, dressing, bathing, etc.
- Loss of 2 Activities of Daily living
Living Benefits are a way for families to spend more time together while alleviating some financial needs. In the past, policyholders didn’t have options for getting care and access to funds they needed right away, especially for special circumstances that occurred before the death of a policyholder. Now, our experts at Webb Insurance can explain and navigate those who need assistance and offer options in times of stress.
Contact Webb at 847-235-6001 or ChrisWebb@insurancebywebb.com for a customized insurance plan that will offer you peace of mind when you need it most.
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