Living Benefits
Life insurance isn’t just for death benefits anymore. Discover how modern policies offer living benefits—like chronic illness coverage and access to funds for experimental treatments—not covered by traditional health insurance. Learn how permanent life insurance can support both your health and retirement.
MAPFL BLOG
Life Insurance Isn't Just for Death Benefits! Learn More About Living Benefits!
Many people believe life insurance is only useful after death, meant solely to provide financial support for beneficiaries. However, modern life insurance policies have evolved to offer powerful living benefits that can be accessed while you’re still alive. These benefits can provide financial relief in the event of a chronic illness or other serious health conditions. Policyholders may be able to tap into their death benefit early to fund treatments—including experimental or alternative options not covered by traditional health insurance or Medicare. This flexibility makes life insurance not just a safety net for your loved ones, but also a proactive financial tool for your own well-being.
Despite what some financial advisors may say about fees, the long-term advantages of permanent life insurance often outweigh the costs. In addition to offering a death benefit, these policies can contribute to your retirement planning and provide a cushion against unforeseen medical expenses. Living benefits are frequently overlooked, yet they offer real, tangible value—especially when your health or access to treatment is on the line. For comprehensive financial protection, many experts recommend either a standalone critical illness policy or a permanent life insurance plan that includes living benefits. Don’t let outdated perceptions prevent you from exploring how life insurance can protect you while you’re still living.
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Main Points from the Transcript:
Life Insurance Offers More Than Just Death Benefits
Modern life insurance policies provide living benefits that can be used while you’re still alive, not just after death.Access to Funds During Chronic Illness
If diagnosed with a chronic illness, you can access a portion of your death benefit to pay for treatments, including those not covered by traditional health insurance.Health Insurance Has Limitations
Traditional plans like Medicare typically don’t cover experimental or alternative treatments, making supplemental insurance or living benefits essential.Permanent Life Insurance Supports Retirement Planning
Beyond health protection, permanent policies also help with long-term financial goals like retirement, offering added value over time.A Smart, Preventive Financial Strategy
Including life insurance with living benefits in your financial plan ensures you’re better prepared for unexpected health and financial emergencies.
Additional Supporting Points (to strengthen the blog if needed):
Living Benefits Are Often Overlooked
Many people are unaware that certain life insurance policies allow early access to benefits, making education around this feature crucial.Advisors May Focus Too Much on Fees
While some financial advisors warn about insurance fees, they often overlook the long-term protection and flexibility living benefits provide.Flexible Use of Funds
The money accessed through living benefits can be used for a wide range of needs—from medical travel to alternative therapies—not just hospital bills.Standalone Critical Illness Policies Are Also an Option
For those not ready to invest in permanent life insurance, standalone cancer or critical illness policies can offer similar protections.Life Insurance Is a Key Part of Holistic Financial Planning
Incorporating policies with living benefits provides a balanced approach to protecting both your family’s future and your own health-related financial needs.
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