Living benefits

[christiansworldwideweb]

Hello good people. I am 34 y/o and looking for a life insurance with good living benefits- chronic, critical and terminal care coverage. I am mainly interested with the living benefits because of my family history of cancer. I’m not really keen on using it as an investment vehicle because I do have 401k and am starting to contribute to my Roth IRA. I do not have children/dependents and don’t have any major debt/ loan other than my mortgage which I share with a co-owner. I know most people recommend term insurance because you can have more coverage at a cheaper price. But like I said, the living benefit is my priority and (please correct me if I’m wrong) I don’t really know of a term insurance with those riders so if you do, please let me know.
So I spoke with an agent who quoted me an IUL with 250k initial face amount with increasing death benefit coverage, terminal, long term care and critical illness riders at a premium of 200 a month. By the time I am 65 y/0, the death/living benefit would have grown to 380k. Is this a good deal? Any helpful advice would be much appreciated!

 

[lilmomma0727]

@christiansworldwideweb It's hard to say if that's a good deal without seeing a full illustration.

I can answer your term question though. Most carriers don't offer the living benefits you are looking for on term insurance, but North American and Midland do. Their living benefits are really good and their term pricing is very competitive. The only caveat with those two carriers is that their term policies are not convertible for the full term period. 10 years is convertible for 7 years, and the 20 for 15 years. I'm not sure off of the top of my head what the 30-year policy looks like.

Ameritas does offer a term policy with living benefits but it is much more expensive. Their cheaper-term policies don't have living benefits. The only reason I would consider Ameritas is if in the future is if you ever wanted to convert to Whole Life over an IUL as North American and Midland don't have Whole Life products.

United American Insurance Company also has a cancer-only policy if you would like additional coverage. I'm in the same boat as you and have a family history of cancer, so I used this policy to supplement the living benefits of my life insurance.

I hope that helps.

 

[christiansworldwideweb]

@lilmomma0727 Thank you! I did send each of them requests for quote. And yes, it would be really nice to have the option to convert to whole life. By the way, the quote that I got is from Transamerica. I’ve seen some negative comments about their claims process but I think it’s a solid company, been in the business for many years and their ratings look good. What do you think? Anyway, I am still going to look around and explore all my options. https://share.icloud.com/photos/03feAJ8KbKqBsV-C1V5SIVQig https://share.icloud.com/photos/078hCuszW80fOGAJYeP8LmD1A

 

[maxyss]

@christiansworldwideweb Purchase separate critical illness and disability insurance policies. Living benefits policies are much better at providing living benefits.

 

[christiansworldwideweb]

@maxyss Im very interested. I’m also searching for those standalone living benefit insurance. Most of the people/ agent I talk to say I can only have it as riders to life insurance. Would you please send some recommendations? I would really appreciate it!

 

[qity]

@christiansworldwideweb Google "assurity critical illness" and you can see how their plans work. Mutual of Omaha and Manhattan life offer stand alone plans as well (these are not workplace plans, they're individual)

You can even buy stand alone cancer plans.

Be aware that family history often comes into play with these plans.

For instance, Assurity will decline on a first degree relative (parents/siblings) on a cancer diagnosis under 40.

Good luck!

P.s. Nationwide, TransAmerica, and several other carriers have living benefits on their term although I agree with the other poster that you may be better served with a critical illness policy at this point.

 

[chrispaul]

@christiansworldwideweb I do have whole life Insurance with long term benefits. I pay only $100 per month for a $500k policy. I mainly did it because I do not want to be a burn for my kids. I saw what my grandma went through...anyways, check your budget, talk to a fiduciary financial advisor. Peace of mind has NO price.

 

[papajoefreeman]

@chrispaul If you have whole life at 100$ for 500k. Do some research you don't have a good plan or carrier at yhose prices. I doubt it

 

[kim5398]

@christiansworldwideweb You may want to look at long term care and/or disability coverage. You don't really use an IUL for those benefits. It doesn't sound like you need the life insurance coverage at this point.

 

[christiansworldwideweb]

@kim5398 Hi. Can you please recommend insurance providers that offer those? I especially need the chronic and critical care coverage aside from the long term care. I know they all sound the same and get mixed up but each one is different. I work in healthcare that’s why. It would be great if I can find a policy with coverage for all of those.

 

[kim5398]

@christiansworldwideweb Not my area of expertise, but you can find options at the bigger carriers that also offer LTC policies. Nationwide and Ameritas come to mind.

 

[seohce]

@christiansworldwideweb At 34yo the term would be significantly cheaper. However, it eventually is going to reach the term period and end and then your options to replace will be much more expensive and limited, like 10year max. So, it seems the IUL is a suitable option for you. If you are concerned about the price, you could contact another independent agent for another quote.

 

[yodeler]

@christiansworldwideweb Im a licensed insurance agent & I always help people with life insurance with living benefits. My go to company is national life group. If you would like to discuss more about this type of policy shoot me a message and I’ll gladly help you choose what is best for you and your family!

 

[easternpresent]

@christiansworldwideweb Corebridge has QOL term. It has these riders you are looking for.

Also

North American. National life group. Transamerica LB.

 

[smb123]

@christiansworldwideweb North American Co. for Life & Health, Ameritas, Columbus Life, National Life and Transamerica are some of the term carriers that offer critical and chronic illness benefits in most States. North American is usually most inexpensive out of the above carriers for people in good health.

 

[tamaraz]

@christiansworldwideweb Lots of carriers do living benefits. Foresters, americo, Mutual of Omaha, prosperity, national life group, American amicable, etc. the first 4 will be simplified underwriting and if the amount is under $500k you shouldn’t have to do blood, urine, or physicals. I set people up with these all the time. Just depends if you have any health issues. The IUl isn’t a bad idea though. Just make sure to look through your policy summary to make sure your policy doesn’t collapse from the cost of insurance going up. If it’s set up correctly, then it sounds like you already have what you need and you don’t need to worry anymore! Only other living benefit I would check on is the chronic illness. You listed terminal, critical, and long term care. Check for chronic illness pay out