Life Insurance With Living Benefits
Educator & State Employee Life Insurance
Retirement planning would not be complete if you did not consider life insurance. No matter how much you have saved to live a healthy and secure retirement, a major medical condition can drain an account. Medical bills, long-term care, healthcare equipment, caregiving support, etc. It’s an unfortunate situation that happens too often. Many life insurance plans do more than just pay a benefit after you pass. At My State Pension, we will connect you with a licensed agent that will review life insurance plans that include living benefits, or benefits that allow you to receive a portion of your benefit amount if you are ever diagnosed with a chronic, critical, or terminal illness.
Understanding Living Benefits
When you purchase a life insurance policy, your ultimate goal is to leave your loved ones with some amount of money after you pass to help replace whatever monthly income you were providing, to help with final expenses, and/or to leave a legacy. Some life insurance policies offer living benefits that allow you to collect a portion of your total coverage amount while you are still alive if you are ever diagnosed with certain medical conditions. Living benefits are key in that you can use the money however needed whether it is to pay for medical expenses, missed income, travel to medical facilities, etc. Having access to living benefits allows you not to have to drain your retirement savings.
Planning for Retirement with Living Benefits
It’s not often that we consider life insurance when we are planning for our retirement. However, it’s a major piece of it. All retirement savings can be drained instantly with a medical bill that exceeds our daily planned expenses. At My State Pension, our licensed agents will review life insurance options that include living benefits so that you can ensure you’re never in a position in which you have to decide between receiving medical treatment or having a retirement.