Living Protection
Living protection insurance (that comes with the living benefits and accelerated benefit riders ABRs) is a benefit the policy holder can enjoy during the lifetime. When the policy holder encounters a major unfortunate event (including long term care, terminal illness, critical illness, chronic illness, critical injury etc.), the policy holder can file claim for special care. The plan will help prevent the family from the financial crisis due to the huge medical bills. It helps the policy holder and family to tide over the difficulties.
Life is full of many uncertain risks, such as cancer, stroke, heart disease, and paralysis caused by accident. Life insurance with living benefits are important not only to get proper care in the event of misfortune but also don't want burden on the family.
​
What are the living benefits?
​
Terminal Illness ABR
After a doctor's diagnosis, the disease will cause the insured person to have only 24 months of life after diagnosis, the insured can apply to accelerate the life insurance coverage amount.
​
Critical Illness ABR
If the insured suffers from one of the major critical illnesses such as stroke, heart disease, cancer, kidney failure, organ transplantation, aplastic anemia, cystic fibrosis, heart valve replacement, motor neuron disease, sudden cardiac arrest, the insured can apply to accelerate the life insurance coverage amount.
​
Critical Injury ABR
If the insured suffers from one of the major injuries such as coma, paralysis, severe burns, traumatic brain injury, the insured can apply to accelerate the life insurance coverage amount.
​
Chronic Illness ABR
Generally speaking, as long as the insured loses 2 of 6 selfcare abilities of eating, dressing, bathing, toileting, mobility and bowel control and loss of cognitive ability, the insured can apply to accelerate the life insurance coverage amount.
​
There are several options that are perfect for these purposes.
​
-
Guarantee universal life insurance (GUL) with Return Of Premium (ROP) and Accelerated Benefit Rider (ABR)
-
Term life insurance with ABR
-
Index universal life insurance (IUL) with ABR
​
*ABRs stands for Accelerated Benefit Riders which pay death benefits to life insurance policyholders while they are alive. Benefits are paid to policyholders with a chronic illness, terminal​ illness, critical illness and injury.
​
*ROP stands for Return Of Premium rider which provides for a refund of the premiums paid on a term life insurance policy if the policyholder doesn't die during the stated term. This effectively reduces the policyholder's net cost to zero. A policy with a return of premium provision is also referred to as a return of premium life insurance.
Living benefits Comparison
(all plans come with death benefit plus the following living benefits)
