Accident insurance pays a benefit in case of accident, right? Disability insurance pays if there is a disability. Fire and flood insurance pays if there is a fire or flood. You get the picture. So, doesn’t it make sense that life insurance pays something during your life? Well, it certainly can. Most of today’s policies have what is referred to as “living benefits.”

Most policies today have living benefits which pay you money while you are still alive. Usually, this involves illness. If you are critically ill, chronically ill or terminally ill, you can receive a portion of your death benefit before death. These are tremendous benefits to help with medical expenses involving these types of illnesses as life insurance is far less expensive than health or medical insurance. Oftentimes, people buy life policies for this very reason.

Living benefits offer peace of mind at a critical time in a person’s life. With the escalating costs of medical bills, too many terminally, critically, or chronically ill patients are faced with financial hardship during the worst possible time. As a person deals with the emotional and physical struggles of these types of illnesses—as well as the impact on loved ones—the last thing needed is the additional stress of astronomical medical bills. Often, meeting these bills becomes yet another struggle to endure. The sad irony is that, while the patient may have substantial collateral in life insurance policies, those funds are technically “off limits” in older policies without “living benefits.”

This blog topic was submitted by Adrienne Gottlieb at Gottlieb Insurance Group, Santa Fe. Visit www.gottliebinsurancegroup.com  for a free review and information.