Have you considered premium funding for your insurance plans? If not, you should!
Does your life insurance provide “premium funding” in case you become sick and can’t work? Why would you need it? Because it is more likely to lose income due to an illness or accident, than it is to die prematurely.
Good and bad news
The good news: nowadays, with the medical advances we are living longer, surviving many of the illnesses or accidents that occur. The bad news: the illnesses that used to kill us before, now can leave us crippled and unable to work full time or keep our jobs.
So, for example, if you had a life insurance policy to protect your family in case of premature death, and get diagnosed with cancer and survive, you may find yourself in the impossibility of keeping up with your life insurance policy premiums due to the extra expenses incurred by your cancer treatments, travel expenses, alternative treatments and income lost during the treatments. That’s why getting your life insurance premiums “financed” or “waived” by the insurance company may be a smart idea, to insure that protection for your family will continue and you won’t have to worry about premium payments during hard times brought by an unexpected accident or illness.
Can I get all my other expenses and bills waived or “financed”?
Now think a step forward: How about having the insurance company “waive” or finance your utility bills while you’re unable to work? Or pay for your groceries? Or have them pay for your mortgage or rent, if you lose your income due to an illness or accident? That would be nice! And it’s also possible: this is called disability income insurance, or DI. The way DI works is: if you lose income due to a medical condition or injury, you will receive a monthly benefit to replace portion of your income lost as long as you’re unable to work in your occupation. DI can be paid for short term (6 to 12 months) or long term – up to retirement age.
Where can I get “DI” (Disability Insurance) or income protection?
Long-Term or Short-Term DI is often included in an employee benefits package offered by large companies, but small employers or self-employed forget to protect themselves or their employees, or don’t know it is even available. If you’re self employed or a W2 employee not receiving benefits from your employer or wanting to supplement your employer paid insurance plans, you have many additional options: individual DI insurance plans are available from many well known insurance companies like MetLife, Mutual of Omaha, Illinois Mutual, Ameritas, Assurity, Principal Financial Group, Guardian, Northwestern Mutual, etc. As an independent insurance agency, LifeGuy and NaplesBenefits can offer these plans from all these A rated carriers, sometimes at discounted rates.
Here’s a moving real life story as published by LIFE Foundation, relating the tale of a young man with a supportive wife and two teenage children, in his prime earning years, who had firsthand knowledge of the benefits of life insurance when his father passed at age 57. His father had left the family sufficient life insurance benefits to provide for him, his mother and his siblings. The young man too felt it was vitally important to secure life insurance protection for his own family.Fortunately, the policy he purchased included an accelerated death benefit as this young man was later diagnosed with liver cancer. He neglected to acquire personal disability insurance so the life insurance accelerated death benefit was tapped after the first year of disability to help make ends meet. He succumbed two years after diagnosis.He intended to leave his spouse $2 million, but the actual death benefit totaled $1.6 million because of the draw-down on the accelerated death benefit. The financial outcome proved to be sufficient in this case because the diagnosis was indeed terminal and he passed relatively quickly leaving less of a financial burden on his family. What if the condition had not met the requirements for accessing the accelerated death benefits? What if he had held on longer?
Do you really want just life insurance without also insuring the income that maintains your family’s budget, keeping in mind that also retirement contributions end once you become disabled? What about premium funding for all the other types of in force insurance, or all your other expenses?
Take a stand for your family’s needs. Protect them from the unexpected: for the event of an untimely death and inability to provide for them, and even for when you survive. Don’t become a burden by bringing financial distress on your family! Ask about life insurance with living benefits, and income protection with disability insurance – with Return of Premium.
Email LivingBenefits@LifeGuy.com or call 877-LIFE-GUY, for a free consultation.