Insurance-product clients understand the benefits their loved ones receive if they die. But do they also understand the benefits available if they live?
EquiTrust life insurance and annuity products offer “living benefits” to provide owners access to cash in the event of certain health circumstances during their lifetime – all available at no additional cost.
Living Benefits – All Annuities (Excluding Confidence Income Annuity)
NURSING HOME WAIVER
If clients are confined to a nursing home or hospital for 90 days or more, the contract Accumulation Value will be available without surrender charges or MVA beginning in the second contract year and during the confinement.
*Available through age 80
TERMINAL ILLNESS RIDER
If clients are diagnosed with a terminal illness, surrender charges are waived for withdrawals up to 75% of the Accumulation Value.
*Rider features may vary by state.
Living Benefits – Index Annuities with Income Rider Elected
ENHANCED INCOME WITHDRAWALS
To help with the cost of nursing care, the Income Rider features Enhanced Income Withdrawals. If clients become chronically ill, the income withdrawal amounts may be doubled for up to five years; 50% increase for joint owners.
*Chronic illness must be certified by a physician annually. Owner must have the permanent inability to perform at least two of six ADLs, or permanent severe cognitive impairment. May be utilized if contract in effect for 3 years and no additional premiums for 2 years, contract Accumulation Value is greater than zero, owner is a U.S. resident not older than 90.
Living Benefits – WealthMax Bonus Life and WealthHorizon Life
ACCELERATED DEATH BENEFITS RIDER
If clients encounter a chronic or terminal illness, the rider gives them access to cash during their lifetime. Death benefits may be “accelerated” to help meet health-related expenses, and may be income tax free. Shown below are Accelerated Death Benefits for a 65-year-old woman with $50,000 premium in WealthHorizon Life policy.