Living Benefits

You need living benefit insurance not because you are going
to die… but because you are going to live. There are a variety
of Living Benefit Insurance products. The most common are shown below.

Critical Illness Insurance

This type of insurance pays out a lump sum in the event that the insured is diagnosed with a covered Critical Illness. The number of illnesse ranges between insurers. Most policies require that the insured survive a 30-day period for the benefit to pay out. Most policies that cover cancer require that the plan be in-force at least 90 days before the cancer benefit
kicks in.

Disability Insurance

This type of insurance covers the insured in the event they develop an injury or serious illness. Generally, disability benefits have a waiting-period, which is the time period before the benefit takes effect. This period can range from 30 days, 60 days, 90 days, 180 days or longer. The insured benefits are generally set-up based on periods of two years, five years, or until age 65.


In most instances, this insurance type provides individuals with a tax-free benefit in the event that they would require assistance with daily living activities. The proceeds received from a long-term care policy can
help prevent individuals
from having to deplete their savings and forcing their family into debt due to unforeseen or unplanned medical expenses.