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Most individuals believe life insurance only pays out to loved ones when you die. Not anymore!
By adding a chronic illness rider to select life insurance policies, you can access your income tax free life insurance benefits if diagnosed with a chronic illness.
Should an eligible chronic illness occur, you can be paid monthly benefits until that illness improves or your benefit is exhausted whichever happens first. A chronic illness event does not have to be permanent.
How it works
Typically, you will first select a total benefit amount (up to 100% of your death benefit). You will then select a monthly benefit amount that will be paid out during your chronic illness event. The monthly payment is paid directly to you with no receipts required.
How can you use the payment?
Unlike many long-term care reimbursement policies, it can be used to pay for virtually any expense – even those unrelated to the illness:
Not a typical "use it or lose it" long-term care policy - benefits are paid no matter what. . . either to the insured if they become chronically ill, or to your beneficiaries at the time of your death