{"id":3672,"date":"2019-08-29T09:30:38","date_gmt":"2019-08-29T09:30:38","guid":{"rendered":"https:\/\/clients.firstfinancialsecurity.com\/FFSBB\/?p=3672"},"modified":"2022-01-28T14:58:12","modified_gmt":"2022-01-28T14:58:12","slug":"buying-term-life-insurance-consider-a-living-benefit","status":"publish","type":"post","link":"https:\/\/agents.firstfinancialsecurity.com\/FFSBB\/2019\/08\/29\/buying-term-life-insurance-consider-a-living-benefit\/","title":{"rendered":"Buying Term Life Insurance? Consider a Living Benefit."},"content":{"rendered":"<p>We think of life insurance as a risk management tool designed to take care of our families in the event of our deaths. But what happens if you become seriously ill and rack up big medical expenses that aren\u2019t covered by your health insurance? How will you pay your bills if you get sick for an extended period of time and are unable to work? How will you avoid financial hardship if you\u2019re diagnosed with a chronic illness and have to pay for medication out of pocket?<\/p>\n<p>Life can quickly go sideways on you, and if you\u2019re not prepared it can create crushing debt.<\/p>\n<p>What should you do? How do you avoid the worst case scenario?<\/p>\n<p>If you\u2019re buying a term life insurance policy, you should consider choosing one that has living benefits. Living benefits give you the flexibility to receive an advanced payment on the policy\u2019s death benefit in order to cover certain expenses during your lifetime.<\/p>\n<p>A typical living benefit rider on a term life insurance policy could cover things like:<\/p>\n<h4>Terminal illness.<\/h4>\n<p>If a doctor diagnoses you with a terminal illness and a life expectancy within the threshold defined by the policy, your insurance could pay out a percentage of the full benefit while you\u2019re still alive. This money could be used to pay every day expenses and medical bills.<\/p>\n<h4><strong>Critical illness.<\/strong><\/h4>\n<p>If you have a major medical event like a heart attack, stroke, or cancer diagnosis, the policy could pay out a defined percentage of its death benefit.<\/p>\n<h4>Chronic illness.<\/h4>\n<p>If you cannot perform 2 out of 6 &#8220;activities of daily living&#8221; for an extended period of time due to heart disease, stroke or other illness, you may be able to accelerate part the death benefit.&nbsp; These funds can be used for medical care or lost income of a family member who stays home to care for you.<\/p>\n<p>Don\u2019t be caught off guard. Making sure you have enough life insurance not only includes taking care of your loved ones in the event of your death. It also means having a policy that can prevent devastating financial hardship if you become chronically, critically, or terminally ill.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>We think of life insurance as a risk management tool designed to take care of our families in the event [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":6480,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[152,373],"tags":[190,191,192,169,193,194,67,195,196,197],"class_list":["post-3672","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blog","category-insurance-blog","tag-bills","tag-chronic-illness","tag-critical-illness","tag-family","tag-finances","tag-hardship","tag-life-insurance","tag-living-benefit","tag-term-life","tag-terminal-illness"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\r\n<title>Buying Term Life Insurance? 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