Disability Benefits of Life Insurance
Statistics show that a lot of people who live in the US could become chronically, critically or terminally ill at some point in their lives. Take the following for example.
Every 40 seconds someone has a stroke, and every 34 seconds someone has a heart attack.
Unaffordable Medical Bills and Declining Income, Life Insurance To The Rescue
Of course, this is the reason why a lot of us have health insurance. The problem is that health insurance doesn’t pay for your bills. Making matters worse is that income usually falls due to illness.
Here is an interesting statistic. 95% of debtors that lost income also had high medical bills.
The Odds of Using Insurance
The chance of using your homeowners insurance is 5% and the odds of your home burning down between now and the day you die are about 3%, yet nearly everyone has homeowners insurance.
The data for auto insurance is no different. The odds of using your auto insurance are about 7%, yet nearly everyone that owns a vehicle has auto insurance.
The odds that you will need some form of insurance are a lot greater than your home and autos, yet most people are uninsured or underinsured.
For instance, the odds that you would need some form of long term care between now and the day you die are about 72%.
While you are still working, disability will happen to almost 30% of workers before they retire. Disability from injury happens every 3 seconds at home and fatal injuries occur every 12 minutes. The amount of Americans that became disabled in the past hour is almost three thousand.
Unexpected sickness and injuries contribute to 350,000 personal bankruptcies each year.
The financial and emotional cost when the odds happen to you
Being stricken with an injury or illness can be expensive, both financially and emotionally. It can ruin familiar relationships, place enormous stress on caregivers, wipe out savings and destroy plans for retirement.
For that reason, you should certainly consider taking out life insurance that provides money for when these things occur.
Life insurance can actually give you access to cash from a policy that can still be used while you are alive. They are known as being accelerated death benefits. If your condition qualifies under the policy, you can get the cash you need and avoid any financial and family grief.
To be sure, the basics of this type of policy are that you can use the funds that would have been paid when you die, to use instead when you are alive.
It is important to understand that this benefit does not cost extra, but rather its part of the policy. Often times, you will find these policies cost about the same as other life insurance policies.
It is a great way for you to make sure that your family are completely covered in the event of you falling ill and it gives you a greater level of control over your finances so you can set the right things in place for the future of your children and loved ones.
Now there’s finally a way to prevent financial insecurity while you’re still alive, but ill, and life insurance has everything to do with it.
The only thing you need to do to get started is to find an agent or company that specializes in life insurance with living benefits.
So don’t wait, start today.
Get in contact with an agent or company experienced in life insurance with living benefits.
It’s so easy to go from here.
We hope you found this article useful and that it can be of benefit to you or someone you know.
Please share and help pass the good word.
If you have any questions or comments or would like to add to the substance of this article, please do so below.