Today’s life insurance is not the same as it was 10, 20, and even 30 years ago. Traditionally life insurance is thought to provide one element(death benefit). You pay the insurance carrier money, and when you pass away, your beneficiaries will receive that death benefit tax-free. Fairly standard, right?
Well, In today's world, Insurers have evolved with far more comprehensive policy offerings that we will call (combination products). A combination product is a life insurance policy that provides additional protective benefits. These other benefits can stack up when it comes to having extra firepower to guard against financial risks that typically arise when an unexpected health event occurs. The most common health risks for Americans are cancer and heart disease, and we all know that both come with expenses. That's what is great about these added benefits to today's life insurance. They give consumers protection at no additional cost in many cases.
Here are the three common living health benefits that come with specific Life insurance policy's today.
Chronic Illness Rider: Chronic diseases affect 40% of the American population. This benefit pays out if you were to become incapacitated or disabled for an extended period if you become unable to perform at least two out of the six activities of daily living: eating, bathing, toileting, dressing, transferring, and continence.
Critical Illness Rider: This benefit is usually received as a lump-sum payment. Some examples of critical illness are stroke, heart attack, diabetes, internal cancer, multiple sclerosis, HIV/AIDS, and organ failure.
Terminal Illness Rider: Terminal Illness benefits are paid when an insured is diagnosed with a disease or condition resulting in life expectancy to be 12 months or less.
All 3 of these benefits would protect individuals and families from financial loss if an unexpected illness were to happen to you. If you have any questions, don't hesitate to reach out to an Inszu specialist, and we will be happy to assist you.