What is Living Benefits Insurance?
Living benefits insurance is coverage that pays out benefits throughout your lifetime. It not only provides security to meet financial planning goals, but also individual wealth management goals. Our team offers three types of insurance for our clients: critical illness, disability, and long-term care.
Critical Illness Insurance
Critical illness allows for you to focus on what is important to you without worrying about your financial situation by protecting against resulting losses of income and/or depletion of assets resulting from a covered illness under the insurance policy. The policy in itself provides a one-time lump-sum tax-free cash benefit when the illness occurs. The policy's proceeds even fund traveling for the best care and/or allow your family to take time from work to be with you.
Long-term Care Insurance
Long-term care insurance provides security in the form of medical or social services care in the event you cannot take care of yourself due to a disability. It can take the form of either a specialized individual visiting you or a specialized care facility. It dispenses funds on regular intervals to pay for the long-term care, relieving all financial uncertainty, and allowing for your choice of location for the care. On top of this, it ensures that you do not deplete retirement savings to support health care needs and that the burden of care does not fall on your family.
Disability insurance protects your most valuable asset: your ability to create income. This policy replaces your lost and unachievable income, due to a disability covered by the insurer, with income till full recovery. Moreover, the policy creates a tax-free income stream to replace future earnings.