Contact Marti Schochenmaier on LeClair Group’s Life Insurance team with your questions or to request an appointment.
Did you know the policyholder doesn’t need to pass before they can receive life insurance benefits with a living promise?
The Living Promise is designed to provide benefits directly to the client while they are still living. Benefits can be used for any purpose such as medical treatment, mortgage payments or unexpected expense because of their illness, inability to work, or a shortened life expectancy.
The Living Promise pays out all or partial life insurance benefits to clients upon diagnosis, saving them the stress of worrying about debt and life expenses whilst they may no longer be able to provide for their family.
It is also worth reassuring your clients that payment is contingent on diagnosis, not upon death; policyholders can fully recover, and their ‘life’ insurance payout may have contributed to a great outcome.
The Living Promise offers two affordable plans for clients to choose from:
Level Benefit Plan*
- For ages 45-85
- Face amounts from $2,000 to $40,000 (in WA, $25,000 to $40,000)
- Accelerated Death Benefit for Terminal Illness or Nursing Home Confinement Rider included in the policy at no additional cost. Accelerated Death Benefit allows the owner a one-time election to receive the Accelerated Benefit if the insurer is either: (a) diagnosed as having a terminal illness that, with a reasonable degree of certainty, will result in the insured’s death within 12 months or less from the date a physician signs the statement of proof of terminal illness, (b) has been confined to a nursing home for 90 consecutive days or more and is expected to remain confined in a nursing home for the duration of the insured’s life, or (c) certified by a physician that the insured is unable to perform (without substantial assistance from another person) at least two activities of daily living due to a chronic illness.
Note: Accelerated Death Benefit rider may vary by state.
- Optional: Accidental Death Benefit Rider
Graded Benefit Plan*
- For ages 45-80
- Face amounts from $2,000 to $20,000
- This policy contains a graded benefit meaning that for death due to natural causes (any cause other than accidental) during the first two years, the beneficiary will receive all premiums plus 10 percent. After the two years, the full benefit is paid for death due to all causes. Full death benefits will be paid, in all years, if death results from an accidental bodily injury.
More benefits include:*
- Competitive premiums that fit many budgets
- The life insurance cannot be cancelled for any reason as long as premiums are paid
- There is no medical exam; coverage is based on answers to a few health questions
- Paid benefits do not decrease
- Premium rates never increase
- Benefits are paid to your beneficiary
No one should need a terminal diagnosis to receive the benefits of their life insurance policy, and now they don’t have to. The Living Promise ensures clients receive their money while they are still living, thus allowing them to make plans according to their unique situation.
For more information, refer to these resources:
- United of Omaha Living Promise | Final Expense
- Living Promise Whole Life Insurance Brochure
- United of Omaha Living Promise Product Walkthrough (YouTube)
*Information found at mutualofomaha.com