Free Living Benefits
Access financial support during challenging times with living benefits attached to your insurance. In case of illness or injury, these benefits offer relief without waiting. Ensure peace of mind knowing help is available when you need it most.
List of Free Living Benefits
01
Access Funds During Critical Illness
Free living benefits allow policyholders to access a portion of their life insurance death benefit if diagnosed with a critical illness like cancer, heart attack, or stroke.
02
Support During Chronic Illness
Provides financial assistance if you’re unable to perform daily activities due to a chronic condition, helping cover medical or personal care expenses.
03
Flexibility for Terminal Illness
Offers early access to the death benefit if you are diagnosed with a terminal illness, providing peace of mind and financial support for end-of-life care.
04
Maintain Financial Stability
Living benefits help cover living expenses, such as mortgage payments, utility bills, or childcare, during periods of illness or disability
05
Reduce Financial Stress for Families
Provides financial relief, allowing your loved ones to focus on supporting you rather than worrying about expenses.
06
No Restrictions on Fund Usage
The benefits can be used for any purpose, whether it’s paying medical bills, funding alternative treatments, or covering personal needs.
questions and answers
What are free living benefits?
Free living benefits are features included in some life insurance policies that allow policyholders to access a portion of their death benefit while they are still alive if they experience a qualifying critical, chronic, or terminal illness.
How do I qualify to use free living benefits?
Qualification typically depends on a medical diagnosis. For example:
- Critical illness: Conditions like cancer, heart attack, or stroke.
- Chronic illness: Inability to perform daily living activities like bathing or dressing.
- Terminal illness: A prognosis of 12-24 months or less to live (varies by policy)
Does accessing living benefits reduce the death benefit?
Yes, the amount you access is deducted from the death benefit, but the remaining balance is preserved for your beneficiaries. Some policies also charge a small administrative fee for accessing the benefits.
Are living benefits taxable?
In most cases, living benefits are not taxed if the funds are used due to a qualifying illness. However, tax implications may vary depending on your specific situation, so consulting a tax advisor is recommended.
Can I use the funds for anything I want?
Yes! There are typically no restrictions on how you use the funds. You can cover medical bills, pay off debts, fund alternative treatments, or even use the money for personal or family needs.
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