Life Insurance With Chronic and Critical Benefits for the Living, Is a Product With a Ton of Value for the Money
Low cost Term life insurance has been a very successful life insurance product since its inception over 50 years ago
Before Term, consumers were purchasing Whole Life insurance at a much greater cost. Most applicants needed a higher face amount but could not afford it due to high cost of Whole Life. That all changed when Term life insurance made its debut with a cost factor of more than 75% less premium.
There are term plan designs which offer much more value with additional benefits while you are alive. Life insurance is not limited to a simple death benefit anymore like it has in the past. The independent insurance agents have a huge arsenal of products and companies to choose from. The best part is these new plan designs have very minimal extra cost. The value of what these extra benefits give a standard term policy is incredible.
What would happen if you encountered an unexpected illness?
It makes no difference how old you are or how healthy you are. It also makes no difference how wealthy you are or how poor you are. Health conditions can sprout in an instant. One day you feel fine and then one day your not. When this happens you are very likely to either take time off from work or possibly even never work again. The bottom line is your expenses not only keep rolling in but they increase. This could leave your financial well being in extreme jeopardy. Is your conventional everyday type term life insurance going to help you? No, because there are no provisions for this with a standard life insurance policy. There are a number of ways you can protect yourself from a financial nightmare.
If you had a disability income policy and a critical illness policy, you would be in good shape, but…
Let’s take a close look at having life insurance, disability income and a critical illness policy. The unwanted side effect to this type of an insurance portfolio is the grand total premium. Many people simple could not afford this type of expense to pay for additional insurance policies. If you had any medical conditions the cost of a Disability Income or Critical Illness policy could greatly increase. This would only make it harder to afford additional forms of insurance.
When you have a living benefit policy, you package all these benefits together and save a fortune!
Most Americans are simply not prepared for a critical, terminal or chronic type illness. Some people believe that a good health insurance or disability plan will get the job done. This is definitely not the case by any means. A serious health condition such as a heart attack, Cancer or a stroke could easily put an individual in dire straits.
What are the repercussions of dealing with a serious health condition?
If you did develop a chronic or critical illness that’s going to become a long term affair. It could take weeks, months or years to fully recover. A heart attack, stroke or a cancer situation could mean that you may never fully recover. This could make or break having a complete and normal life afterwards. This can also get very expensive due to the extensive treatment you may require. You cannot depend on your health insurance to cover all these expenses. Instead of tapping your savings and checking accounts you have additional options. This is exactly where a term life policy with “living benefits” comes into play. The cost of one of these hybrid policies is virtually about the same as a conventional Term policy. When you think of the cost of Whole Life compared to these plans it’s incredible.
Let’s take a look at each one of these living benefits
Most of the better insurance companies today will accelerate the majority of your death benefit. This is if you are deemed as being terminally ill. But this is more of a death benefit than anything else. With these comprehensive benefits added to your Term policy you are covering your bases in three additional areas of coverage.
- Critical illness – This benefit will normally pay a one lump sum payment if you have a serious illness. This would be such as cancer, or a heart attack, stroke or kidney failure.
- Chronic illness – These benefits usually are paid in monthly benefits if you’ve been diagnosed as chronically ill. Also, you are unable to perform two basic activities of daily life, such as bathing yourself, dressing yourself, or eating meals.
- Terminal illness – Normally this benefit pays a benefit if you are diagnosed with a terminal illness. You would also be informed by your doctor that your life expectancy is between 12 to 24 months. These funds can be used for preparing for your final expenses, or any other purpose you desire.
What life insurance company offers these additional living benefits?
One of the pioneers in this market is the Transamerica Life Insurance Company. You can take a moment to read our in depth review of this excellent company by reading our Transamerica carrier review. There are other fine companies that offer these plan designs but this post will concentrate on this excellent choice.
The plan design in question is the Trendsetter LB with Living Benefits. This is a term life insurance plan design offering all the best supplemental benefits for you total protection. The Trendsetter LB can be found on our websites quoting system. Activate our quoting form on the right and check these plans and premiums out for yourself. Transamerica has some of the best life insurance rates. Read more about these plans with our Trendsetter LB brochure.
What makes the Transamerica Life Insurance Company so special?
Transamerica has been providing consumers with high quality products for over 112 years. Transamerica also offers a very special and unique line of life insurance products. They have excellent benefits for the living along with the standard death benefits. These benefits would not be normally included in the conventional life insurance. These policies are also referred to as Hybrid life insurance. This is due to the fact it has new and additional benefits. These are not normally found in a standard term life insurance policies.
The two main categories of term life insurance offered by the Transamerica life Insurance Company are:
- Trendsetter Super Series
- Trendsetter LB (Living Benefits)
Both of these two Term products are offered in the normal 10, 15, 20, 25 and 30-year term period configurations.
Trendsetter Super, is a convertible term life insurance policy (can be converted to permanent insurance).
Trendsetter Super is a conventional term life insurance policy that offers up to $1,000,000 in face amount coverage. The face amount that you choose is guaranteed to always remain the same throughout the entire policy term period. At the end of the term period, you may be able to convert the policy to a Universal life. This is without having to take any physical examinations or answer any application type questions again. If you health history take a turn for the worse, it will not effect your conversion.
The trendsetter LB policies only cost approximately 10 to 15% more in cost
Our final word on living benefits
These are really excellent policies which offer a lot of added value for the money. Transamerica is not the only life insurance company that offers them. Make sure to call us with any questions you may have and we will answer them for you. We are available 7 days a week from 9:00am to 9:00pm.
All the best,
*We are here to help you with no cost or obligation. Take a moment to set up a time to discuss your life insurance needs.