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Living Benefits |
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Living Benefits are
insurance policies designed to protect you and your family, your
business and your estate from the financial drain caused by unexpected
long-term disability, prolonged illness, or old age. Mainway McArter
Douglas' consultants are specialists in this field. They are very
familiar with the variety of products on the market today and are
experienced at assisting clients in addressing this complex and
sensitive area of insurance.
There are three types of Living Benefits policies; Disability insurance is an income replacement policy. It targets the special needs of business owners and executives who may face serious financial consequences in the event of income loss. Newly available policies have been developed to provide a return of premium of up to 75%. Critical illness policies provide a tax-free lump sum payment 30 days after the diagnosis of a serious illness (not necessarily terminal). It is an effective policy for the retirement years. The money is available for any use such as paying off mortgages or debts, making alterations to a home, replacing lost income or for specialized medical treatment. Long-term care policies provide daily benefits for personal care, in a facility or at home, when unable to care for one's self as a result of a chronic illness, disabling condition or old age. Coverage options are tailored to specific requirements. Premiums can be limited to a 20-year period or less though coverage is guaranteed for life. |
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