living benefits life insurance

Living Benefits Life Insurance Miami, Florida

A living benefits life insurance in Miami gives you the possibility to advance the death benefit if you get a terminal, serious or chronic illness. This policy gives you the tools that will allow you to look forward with the serenity that only those who plan their financial future have.

Living Benefits are included at no additional monthly cost.

Call now to 786-306-0634 and get the best Life Insurance offers available in Miami Market.

When Can I Collect the Money for Which I Am Protected?

You can ask the company for an advance for the amount of your benefit if you have a Living Benefits Life Insurance. The amount that will be advanced depends on the magnitude of the disease.

All the changes that happen in your life and that on your family, can be faced in a more manageable way if you have Living Benefits Life Insurance.

What Are The Eligibility Requirements?

Terminal Disease: Includes a medical condition resulting from an injury or illness that has reduced life expectancy to no more than 12 months from the physician’s statement.

Chronic Disease: Not being able to perform two of the six activities of daily life (bathing, sphincter control, dressing, feeding, cleaning and moving) without the help of another person or having serious and knowledgeable disability for at least 90 consecutive days.

Serious Illness: Includes heart attack, stroke, ALS (Lou Gehrig’s disease), diagnosis of certain types of cancer, kidney failure, and major organ transplant.

What is the Maximum Amount of Benefits Available?

In the case of a terminal disease, the policy owner may advance up to 100% of his or her initial death benefit or $ 500,000, whichever is less.

In case of chronic disease, the policy owner may advance up to 24% of the initial death benefit amount annually. You can also access up to 2% of the death benefit per month, up to 6% quarterly or up to 12% every six months. The maximum lifetime benefit is 90% of the death benefit or $ 500,000, whichever is less.

The maximum total amount of life benefits that can be advanced for any individual insured is $500,000.

How Does the Company Determine the Amount of Payment received by the insured?

To determine the value of the future death benefit, we must keep in mind that money usually increases with time. If you save now, it may be worth more in the future, so you can deduce that a payment you would expect to receive in the future is worth less today. For example, when someone wins the lottery, you have the option to receive the full amount now or receive payments for a number of years.

If they receive the full amount, the amount a person receives is always less. For example, if a person earned $1,000,000, he can only receive $550,000 if he decides to receive it now.

A similar concept applies when determining the payment for a terminal, serious or chronic illness; The benefit anticipated by death is reduced by the fact that it is being paid in advance.

In addition to calculating the value of the death benefit, an administrative fee is charged and installments paid to the death benefit payment are deducted.

Therefore, the more serious your condition is, the shorter your life expectancy is and the benefit you will receive will be greater.