A NOT SO ODD COUPLE

There is a new insurance solution that combines Life insurance policy with Disability + Long-term Care. This unique policy allows you to receive your entire death benefit while you are still alive, if you qualify as unable to perform 2 out of 6 *ADLs (activities of daily living), according to your personal physician. The proceeds are paid out monthly, tax-free and can be used for any purpose desired.

HERE IS AN EXAMPLE OF HOW IT WORKS:

Suppose you have a $500,000 life insurance policy with a Disability-LTC rider. You would be allowed to use up to 100% of the death benefit to help pay your expenses when you are unable to perform 2 out of the 6 *Activities of Daily Living without assistance as certified by your personal physician. HIPAA has approved that up to $11,100 per month tax-free may be advanced form your policy’s death benefit and allowed to be used to help pay for everyday expenses like your mortgage, car payment or any other expenses such as in-home care or facility. There is no accounting or receipts required.

There are a number of ways in which this type of arrangement might be preferable to a traditional Disability or Long-term care insurance policy. The first is the obvious “two for one” benefit. With regular disability & long-term care insurance, there is always the possibility that you will never use he benefits. Of course, that is probably a good thing, but it will mean that the money spent funding the policy was never put toward a tangible use. By using a special type of  life insurance policy, that can never happen. The money will always be used to improve your financial health, either by protecting your assets in the event of a disability or helping to leave a financial legacy to your loved ones. And unlike long-term care insurance, this type of insurance allows you to spend the proceeds any way you desire with set premiums that you will never need to worry about your rates unexpectedly increasing and no longer being able to afford the protection.

*ADLs (Physical or Cognitive impairment): 

• Eating

• Bathing

• Dressing

• Toileting

• Walking

• Incontinence

In the following videos, Evan Belaga CFP, CLU, ChFC explains the revolutionary benefits available with this combination solution. 

PART ONE

PART TWO

Living Benefits Life Insurance

Did you know that you can now access the full death benefit of your life insurance coverage tax-free, without dying? Watch this short video to learn how life insurance companies now allow you to take a portion of your death benefit if you experience a disability, long-term care need, critical illness like cancer, heart attack, or stroke.