Does Your Life Insurance Have Living Benefits?

Life insurance is a great way to financially support your family, come what may. Many people take solace in the knowledge that their policy will protect their dependents. However, others would prefer to see a more tangible benefit for spending so much of their hard-earned money. For these individuals, a life insurance policy with living benefits (also known as accelerated death benefits) may be the answer. 

A life insurance policy with living benefits allows you to borrow or withdraw funds to cover various expenses. However, these funds are not designed to pay for a family vacation; rather, living benefits can be used for purchasing a new home, sending a child to college, paying medical expenses and other events that secure your family’s success and comfort. But while some policies may let you choose how to use living benefits, others may limit the use of these funds for medical needs. 

In those cases, you may need a diagnosis from a licensed doctor in order to withdraw funds to pay for a critical, chronic or terminal illness. The portion of your policy’s death benefit that’s advanced to you may also replace lost wages as you recover. 

The details of every life insurance policy vary from insurer to insurer and may include limitations, such as a percentage of money that you can advance each year. Talk to your independent insurance agent about the details of your policy so you fully understand how your life insurance policy can benefit your whole family. 

Protect your family. Call Morgan Marrow Company for more information on Virginia Beach life insurance.