Stewart Financial Services
Living Benefits
Breathe Easier… With Living Benefits
Life Insurance You Don’t Have to Die to Use…
- Household expenses
- Adult Day Care
- Home modifications
- Regular bills
- Nursing home care
- Quality of life expenditures
LIVING BENEFITS – Terminal Illness
You can elect to either:
- Request the full acceleration, on a discounted basis, and use the lump-sum as you wish.
- Choose to leave a portion of the policy’s death benefit intact and receive a partial benefit.
- Choose to leave the policy intact for your beneficiary.
LIVING BENEFITS –Chronic Illness
A doctor has certified, within the past 12 months, that you are unable to perform two out of six “activities of daily living’ for a period of at least 90 consecutive days without assistance, or that you are cognitively impaired.
Activities of Daily Living
- Bathing
- Continence
- Dressing
- Eating
- Toileting
- Transferring
Generally, the rider needs to be in force for a period of two years. There is an annual limit on the number of benefits you can receive. There is also a lifetime limit on the number of benefits you can receive across all Accelerated Benefits Riders.
Note that you do not have to be in a licensed facility to receive payments and that you can apply for benefits every 12 months. Benefits can be used for any reason (with 1 state exception), and do not need to be used for medical expenses.
If you should need it, and you qualify, after the waiting period you can:
- Accelerate portions of your death benefit every year to receive benefit payments.
- Leave the policy intact for your beneficiary
LIVING BENEFITS Critical – Illness or Critical Injury
Critical Illness includes:
- ALS (Lou Gehrig’s disease)
- Aorta Graft Surgery
- Aplastic Anemia
- Blindness
- Cancer
- Cystic Fibrosis
- End-Stage Renal Failure
- Heart Attack
- Heart Valve Replacement
- Major Organ Transplant
- Motor Neuron Disease
- Stroke
- Sudden Cardiac Arrest
Critical Injury includes:
- Coma Paralysis
- Severe Burns
- Traumatic Brain Injury
The discounted benefit you receive for the critical illness or critical injury rider takes into consideration four different categories depending on the severity of the illness:
>Minor > Severe
>Moderate > Life-Threatening
The highest payout will result from the Life-Threatening category.
Generally, the rider needs to be in force for 30 days prior to diagnosis in order to accelerate. There is no annual limit, but there is a lifetime limit on the number of benefits you can receive from all Accelerated Benefits Riders.
You can elect to either:
- Request the full acceleration, on a discounted basis, and use the lump-sum as you wish.
- Choose to leave a portion of the policy’s death benefit intact and receive a partial benefit.
- Choose to leave the policy intact for your beneficiary.
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