Death is no longer a requirement to get something out of your life insurance.
Do you remember the cell phone you had 15 years ago? Were you able to take pictures, videos, text? Did you decide to UPGRADE because a NEWER version was available with features that you could use?
It’s the same concept with life insurance…
Let me explain, because that’s what I do. I help people plan for the things that can happen, and normally do. You may know someone who has had a heart attack, cancer or stroke and LIVED. They were out of work for a time, and financially that’s never okay without a plan to replace the INCOME.
What about someone that can’t perform two of the activities of daily life?
Do they have to use funds from the retirement accounts to pay for their care?
What if in both of these scenarios, these folks had a Life Insurance Policy, but they were still living? Would they be able to get money from it?
Well, there are OLD life insurance policies and there are NEW life insurance policies.
What does that mean for you? It’s time to review what you have, and see if there is a feature that you have a 70% chance of using. The old policies do not even offer you a chance to use them.
I am referring to Living Benefits.
Living Benefits are the 2 riders that are included in the NEW life insurance policies that I offer.
The average age for a heart attack is 43. What happens to someone that has a heart attack and is out of work? Who pays the mortgage, the car, the food? When a living benefit is accelerated, you are able to receive a tax free benefit to pay these things.
So, it blows me away as I am reviewing a current life policy for a potential client. When I asked her if she had Life Insurance, she did. She’s had it since 1991. I asked her if I could take a look at her summary/statement.The policy that she has is for 150k in coverage. This is a term policy, (meaning for a certain amount of time the premium remains the same). The policy does not have ‘cash value’, and does not have Living Benefits.
In other words, should she live another 30 years (which is likely) her rate is going to increase 6 more times. She will pay more but get less for her money…and never have living benefits on this policy.
I compared her old plan to a brand new, 15 year term plan beginning at her current age for the same coverage amount. Oh! And this one has LIVING BENEFITS. And here is the kicker: It will cost her $52.00 less per year than this old policy that has no living benefits and increases in price every 5 years.
Because why? I offer the NEW stuff: life insurance that you do not have to die to use.
We can protect your income and retirement savings now. Let us take a look at your OLD life insurance policy. As long as you are insurable, it is time to REPLACE it.