I never thought for once that I would be selling life insurance that includes a living benefit, as well as the death benefit. The new innovation is here.
A long-term care rider allows you to make a claim on your death benefit in order to pay for assisted living and other long-term care needs.
Certainly the death benefit can shrink and the beneficiaries receive less proceeds. However, the other assets that you have accumulated very possibly will not be invaded and lost.
Unbelievable.
Believe it or not in the ancient world, the first forms of insurance were recorded by the Babylonian and Chinese traders. To limit the loss of goods, merchants would divide their items among various ships that had to cross treacherous waters. One of the first documented loss limitation methods was noted in the Code of Hammurabi, which was written around 1750 BC. Under this method, a merchant receiving a loan would pay the lender an extra amount of money in exchange for a guarantee that the loan would be cancelled if the shipment were stolen.
The first to insure their people were the Achaemenian monarchs, and insurance records were submitted to notary offices. Insurance was also noted for gifts of substantial value. These gifts were given to monarchs. By recording their gifts in a register, givers would receive help from a monarch by proving the gift’s existence if they were in trouble (WSR BLOG SEP 13 TUE
By Whit Thompson).
Since then and even in earlier years insurance has forged a long and successful history of providing security and assurance to clients and faithful customers.
I am not in love with any insurance company; but when I come across an A company or better with a very sufficient and helpful product I propose those products to my clients after careful due diligence.
Any question what percentage of Americans will need long-term care? While the level and intensity of long-term care needed varies from person to person, the Administration on Aging estimates that at least 70% of people who are 65 today will require care in some context (a placeoformom.com—Long-Term Care Statistcs, 2023).
I’m convinced that many laypeople who are not educated on Life Insurance and the other benefits it provides, have no idea just how valuable the new innovations exist in a policy.
Along with a chronic care provision with benefits, a critical care provision also exists in most life insurance policies. This coverage provides the insured access to the death benefit amount in case of a terminal illness.
I recently met with a spouse who lost her husband. The two decided to draw from the death benefit when they learned about his terminal health condition. This decision was tough, but the dollars they received from his policy kept food on the table, paid their mortgage, insurance costs and taxes—as well as many other bills that they had to pay.
Life insurance is in every way ‘a love letter’ to those we cherish the most. It helps keep the family together when the end of life occurs: staying in the same home, same community, close to your dearest friends and neighbors and driving the car you’re used to driving.
In contrast I have worked with many clients over the years who have lost a spouse without any life insurance. Their lives have suddenly been turned up side down. Some have lost their home. In some cases they had to move to a new neighborhood, children go to a totally different school, and suddenly find themselves in a daze. Let’s face it, it costs to live, and especially at the lifestyle you are used to.
The new innovations in life insurance simply put, work. I’ve witnessed them firsthand—benefits that have saved families lives, literally.
It’s an interesting thing to me that people will insure their house, car, motorcycle, boat, an old hauling trailer, RV, motor home, plane and tractor, but will not insure themselves.
I’ve owned life insurance my whole adult life. I sell and I have it. How about you?
What new innovations!
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