Cromwell Financial & Insurance Living Benefits Life Insurance Cover: Critical, Chronic, Terminal & Accidentallife-insurance-with-living-benefits-300x284

Cromwell Financial & Insurance Living Benefits Life insurance cover: critical, chronic terminal & accidental in Las Vegas. You don’t have to die to use Accelerated Benefits Riders are optional, no-additional cost riders that can allow you to access all or part of your death benefit t, while living, if you experience a qualifying terminal, chronic, or critical illness, or critical injury. The use of the benefit is unrestricted with the exception that ABR proceeds for chronic illness in the state of Massachusetts can only be used to pay for expenses incurred for Qualified Long-Term Care services.* Since the benefit is unrestricted, once you qualify, you can use the benefit for any expense. Expenses might include, but are not limited to: – Household expenses – Adult Day Care – Home modifications – Regular bills – Nursing home care – Quality of life expenditures * Qualified Long-Term Care services: The necessary diagnostic, preventative, therapeutic, curing, treating, mitigating and rehabilitative services, and maintenance or personal care services that are required by a chronically ill individual and are provided pursuant to a plan of care prescribed by a licensed health care practitioner.

Joven and Benita explains the value of Living Benefits watch the video below.

 

TERMINAL ILLNESS

What qualifies? Generally, if you have been diagnosed with a terminal illness that will result in death within 24 months of certification of the illness by a physician. Receiving your benefit The benefit payment will be a lump sum. There is no waiting period or annual benefit limit, but there is a lifetime limit on the amount of benefits you can receive across all Accelerated Benefits Riders. Here if you need it You can elect to either:

  • Request the full acceleration, on a discounted basis, and use the lump-sum as you wish.
  • Choose to leave a portion of the policy’s death benefit intact and receive a partial benefit.
  • Choose to leave the entire policy intact for your beneficiary

CHRONIC ILLNESS

What qualifies? A doctor has certified, within the past 12 months, that you are unable to perform two out of six “activities of daily living” for a period of at least 90 consecutive days without assistance, or that you are cognitively impaired.

Activities of Daily Living Bathing

  1. Continence
  2. Dressing
  3. Eating
  4. Toileting
  5. Transferring

Receiving your benefit Generally, the rider needs to be in force for a period of two years. There is an annual limit on the amount of benefits you can receive. There is also a lifetime limit on the amount of benefits you can receive across all Accelerated Benefits Riders. Here if you need it Note that you do not have to be in a licensed facility to receive payments, and that you can apply for benefits every 12 months. Benefits can be used for any reason (with 1 state exception), and do not need to be used for medical expenses. If you should need it, and you qualify, after the waiting period you can:

  • Accelerate portions of your death benefit every year to receive benefit payments.
  • Leave the policy intact for your beneficiary.

Medicare, US Dept. of Health and Human Services, 2015

70% of people over 65 will need assisted care.

CRITICAL ILLNESS OR CRITICAL INJURY

What qualifies? Critical Illness includes:

  • ALS (Lou Gehrig’s disease)
  • Aorta Graft Surgery
  • Aplastic Anemia
  • Blindness
  • Cancer
  • Cystic Fibrosis
  • End Stage Renal Failure
  • Heart Attack
  • Heart Valve Replacement
  • Major Organ Transplant
  • Motor Neuron Disease
  • Stroke
  • Sudden Cardiac Arrest

What qualifies? Critical Injury includes:

  • Coma • Paralysis • Severe Burns • Traumatic Brain Injury
Receiving your benefit

The discounted benefit you receive for the critical illness or critical injury rider takes into consideration four different categories dependent on the severity of the illness:

  • Minor • Moderate • Severe • Life Threatening

The highest payout will result from the Life Threatening category. Generally, the rider needs to be in force for 30 days prior to diagnosis in order to accelerate. There is no annual limit, but there is a lifetime limit on the amount of benefits you can receive from all Accelerated Benefits Riders. Here if you need it You can elect to either:

  • Request the full acceleration, on a discounted basis, and use the lump-sum as you wish.
  • Choose to leave a portion of the policy’s death benefit intact and receive a partial benefit.
  • Choose to leave the entire policy intact for your beneficiary.

Approximately $34 billion is spent every year treating strokes.4 4 Centers for Disease Control and Prevention, 2015

State Specific Information

In some states, the definition of “terminally ill” may require a 12 month life expectancy instead of 24. Depending on what state you are in and what product you have, the waiting period may vary, the qualifiers may vary, or the Rider may not be available. Other state specific information may apply as well, so make sure to ask your agent. Massachusetts: Chronic Accelerated Benefits may only be used for Qualified Long-Term Care services. Qualified Long-Term Care services: the necessary diagnostic, preventative, therapeutic, curing, treating, mitigating and rehabilitative services, and maintenance or personal care services that are required by a chronically ill individual and are provided pursuant to a plan of care prescribed by a licensed health care practitioner. The Critical Illness ABR in the state of MA has some specific differences. There is no waiting period, but there is a two-year waiting period if a qualifying event directly results from self-inflicted injury or attempted suicide.

Qualifying conditions in MA:

  1. Coronary artery disease resulting in acute myocardial infarction or requiring surgery.
  2. End-stage renal disease.
  3. Major organ transplant.
  4. Permanent neurological deficit resulting from cerebral vascular accident.
  5. Diagnosis of an invasive malignancy characterized by uncontrolled growth and spread of malignant cells and the invasion tissue. Cancer does not include: a. Stage A prostate cancer. b. Any skin cancer, except invasive malignant melanoma into the dermis or deeper. c. Pre-malignant lesions, benign tumors or polyps. d. Carcinomain-situ. New York: New York has its own separate rider for chronic illness. The ABR Chronic II Rider for the state of New York functions similarly to our standard Chronic Illness Rider with a few exceptions.

This product is a life insurance policy with a rider that accelerates the death benefit on account of chronic illness and is not a health insurance policy providing long-term care insurance subject to the minimum requirements of New York Law, does not qualify for the New York State Long-Term Care Partnership program and is not a Medicare supplement policy. Riders and disclosures are available just ask, Nnika your Wealth Strategist & Asset Protection Consultant, (702) 625-5204.