Personal Life Insurance in Georgia
Personal Life Insurance with Living Benefits
Most people who buy life insurance do so to provide financial security to a beneficiary when they die. But oftentimes traditional life insurance doesn’t cover the burdensome costs involved when a chronic, critical, or terminal illness strikes.
There is a solution, though — one that provides relief from the financial demands of such an illness. Some term life insurance policies offer an add-on called “living benefits.” In the event of a long-term, catastrophic, or terminal illness, these benefits can be accessed while the policy holder is still alive. Here’s what you need to know about living benefits and how they might help.
Did you know that most Americans across the country agree that life insurance is a necessity, yet many of them don't carry a life insurance policy themselves? It's easy to put it off and undervalue the importance of having this type of insurance, but it is more vital than you may think. Here at First Priority Insurance in Morrow, GA, we value helping you protect the people you care most about.
We help people understand the versatility of how a policy like this can help you. Here are some different examples of some expenses that a life insurance policy could help pay for:
- Your final costs and burial
- Prepare for an unexpected illness
- Inheritance for your children
- Paying for college debt expenses
- Replacing the income that you've once had with a career
Personal Life Insurance Options
Just like any other line of insurance, you can customize it to meet your particular needs. Here is a quick overview of the most commonly selected life insurance plans.
- Term Life Insurance - This kind of policy is designated for a set time frame (i.e., 30 years). If you pass away before it expires, your beneficiary is given a predetermined set of money.
- Whole Life Insurance - This policy does not expire, and also has added benefits like attaining cash value.
- Universal Life - This is similar to whole life. However, you have more flexibility with the policy features and customization.
Why Choose First Priority Insurance and Financial Services?
All of our agents go above and beyond your expectations to ensure you have the right policy for your situation. We value the importance of you and your family's future. We take a personalized approach for every client we serve who wants to get a policy in Georgia. Don't delay in attaining the peace of mind you want for you and your family. Give us a call to discuss a new plan on the phone or stop in our office in Morrow, GA, and see us today.
Are You Prepared for an Unexpected Illness?
Many people simply are not prepared for a chronic, critical, or terminal illness. They think that just because they have a health insurance or disability plan, they’ll be sufficiently covered in case of a sudden or serious health problem, such as a heart attack, stroke, or cancer diagnosis. The fact is that’s probably not true.
A great health insurance plan might cover a large part of the medical costs associated with such an illness, but there could be deductibles, copayments, and out-of-pocket expenses to deal with first. Plus, a health insurance plan won’t help you with lost income while you’re sick or recovering from your illness. A disability plan might help your financial situation while you’re away from work, but even the best of those can cover only about half of your lost wages.
Regardless of how old you are, how much money you make, or what kind of health coverage you have, two things are inevitable in the case of an unexpected illness: Your expenses will go up, and your income will go down — resulting in debt that could leave you paralyzed financially.
That’s where life insurance with living benefits — also known as an accelerated death benefit rider — can help you when you need it most.
Dealing With a Critical, Chronic, or Terminal Illness
Some insurance companies will accelerate most of your death benefit if you qualify as terminally ill, but that seems like more of a death benefit for a death sentence. With living benefits added to your life insurance, you can be covered in three separate areas:
Critical illness. Typically pays one lump sum if you have a serious illness such as cancer, or a heart attack or stroke.
Chronic illness. Typically pays a monthly benefit if you’ve been diagnosed as chronically ill and you are unable to perform two activities of daily living, such as bathing, dressing, or eating. This benefit could pay up to a quarter of the amount of your death benefit annually.
Terminal illness. Typically pays a benefit if you are diagnosed with a terminal illness and are told that your life expectancy is 12 to 24 months. These funds can be used for experimental medicine, preparing for final expenses, or any other purpose you deem necessary. Some restrictions may apply. Please contact a licensed First Priority Insurance agent at 1-678-369-6200 to discuss the details of adding living benefits to your life insurance coverage.