What should I know about Living Benefits?

Here is an Overview about Living Benefits: Most people buy life insurance to leave a legacy for those left behind, but what if you suffer from a heart attack, cancer, or stroke, and continue living? It can usually cause a serious financial hardship for you and your loved ones. That's why we offer the Death Benefit coverage protection in the event of a qualifying chronic, critical or terminal illness, while you are alive! It's Life Insurance for the Living!!! Life Insurance with Living Benefits can help you when you need it the most! It helps you to fill the gaps a health insurance policy doesn't cover, especially non-medical expenses such as your mortgage, car, groceries, utilities, education (if applicable), etc...

What is Chronic Illness?

Having a Chronic Illness means you are unable to perform 2 of 6 Activities of Daily Living activities without assistance or if you are severely cognitively impaired for a period of at least 90 days. Daily Living Activities:

• Bathing.
• Continence.
• Dressing.
• Eating.
• Toileting.
• Transferring.

What is Critical Illness?

Being critically ill means that you have been diagnosed with a health condition such as a heart attack, stroke, cancer, end of stage renal failure, ALS, a major organ transplant, blindness or paralysis resulting from specific underlying conditions.

What is Terminal Illness?

Having a terminal illness means that you have a life expectancy of 12 months or less.

Why is Life Insurance with Living Benefits so popular?

Most life insurance policies only protect your family after you pass away. A policy with Living Benefits does that, plus provides you a valuable access to accelerate your death benefit while you are alive. People see this as a smart way to have funds they need without having to access a retirement fund such as a 401K or liquidate other investments.

How does the Accelerated Benefits work with a Transamerica Trendsetter LB policy?

Any benefit value not accelerated will remain as the face amount for your beneficiaries to receive. The maximum amount you can accelerate for critical or chronic illness is 90% of the face amount or $1,500,000.00 whichever is less. Therefore, you will have a minimum of 10% of your face amount remaining or your loved ones upon death. If you accelerate the benefits for a terminal illness, you can accelerate 100% of the face amount or $1,500,000.00, whichever is less If you choose to accelerate 100%, there will be no benefits remaining at the time of death.