Term Life Insurance Policy

If you have a home and want to make sure your spouse and/or children can keep it if you have an untimely death or illness, a term life insurance policy be a good fit.  The term life insurance can span 10, 15, 20, 25, or 30 years – whatever term is the best fit for you.  The best part of this term life insurance policy is it has living benefits as well as the death benefit.

Living Benefits of a Term Life Policy 

Terminal Illness Accelerated Death Benefit – This benefit provides the policy owner with the option to access a portion of the policy’s face amount in advance of death, in a lump sum payment, when a licensed physician certifies the insured as being terminally ill and expected to die within 12 months of such diagnosis.

Chronic Illness Accelerated Death Benefit – If the insured is chronically ill, the insured can access a portion of the face amount in advance of death. A licensed health care practitioner must certify that the insured is unable to perform, without substantial assistance from another person, at least two of six activities of daily living; for example, bathing, continence, dressing, eating, toileting, and transferring.

Critical Illness Accelerated Death Benefit – If the insured is critically ill, the insured can access a portion of the face amount in advance of death. Some critical illnesses include:

  • Heart attack
  • Stroke
  • Cancer
  • End stage renal failure
  • Major organ transplant
  • ALS
  • Blindness
  • Paralysis

If you and your spouse are both working, what happens if one of the above events occurs? Will one paycheck be able to cover the bills? Now what if just one of you is working? How would you cover the household bills? You might be able to get social security disability benefits, but that is a long process.

It is a good idea to have a plan to protect your family in case disaster strikes.  If you can’t afford a policy to cover the whole mortgage, that is ok. I would recommend that you get the amount of coverage you can afford. Some protection is better than none. If you would like a free insurance quote on the term life insurance policies we can help! Give us a call 504-228-7184 or click here.