What if you suffer a major heart attack, stroke, or invasive cancer and don’t die? Would your family be able to maintain their standard of living if you were financially impacted by a serious illness?
Traditional life insurance is designed to provide security for your loved ones in the event of your premature death… but what if you could get life insurance you don’t have to die to use?
Some insurance companies are offering life insurance policies that allow you access to your life insurance at a time when you need it for your longevity and for your retirement.
After all, most Americans may be spending 20-plus years in retirement. What if you live a lot longer in retirement than originally planned?
One in 4 65-year-olds will live past the age of 90 and one in 10 65-year-olds will live past the age of 95, according to Social Security Administration data.
The positive aspects of living longer come with some financial concerns, especially when more than 70 million Americans ages 50 and older (four out of five older adults) suffer from at least one chronic condition, according to AARP.
For instance, American General offers Quality of Life… Insurance (QoL) that is built with flexible living benefit riders. QoL allows you to leverage your policy to help protect against premature death, longer life expectancy and critical illness.
The company’s Quality of Life… Insurance products allows you to use your death benefit as an income stream to take care of unexpected expenses later in your retirement. If you are diagnosed with a chronic, critical or terminal illness, you can access all or a part of your death benefit to help deal with the financial impact of such an illness. Whether or not you use these benefits is up to you. They are there if you need them. But if not, your full life insurance benefit passes to your beneficiaries at death.