Life insurance with living benefits
Life insurance with living benefits can help to cover medical bills and other expenses.* Learn about the types of living benefits offered through Corebridge Direct.
In the U.S., approximately 84% of healthcare costs are attributed to the treatment of chronic diseases, and, annually, the direct healthcare costs for an American with a chronic disease average at $6,032.** Those costs can introduce financial hardship into the lives of patients already suffering from physical hardship.
While we can't predict what the future holds for our health, we can plan ahead — before a health condition or illness occurs — through life insurance with living benefits.
Traditionally, life insurance policies provide a set amount of money (the "benefit amount") to a predetermined person (a "beneficiary"), after the policyholder passes away. Life insurance with living benefits, on the other hand, offers options that can potentially provide benefits to the policyholder — during his or her lifetime.
These funds can help to ease the burden on you and your loved ones, who might otherwise have to shoulder your outstanding medical debt down the road. Here are some of the options for life insurance with living benefits.
Quality of Life... Insurance
Quality of Life... Insurance is term life insurance that has "living benefits" included into the policy.* Policyholders with qualifying chronic, critical, and terminal illnesses or conditions may be able to advance the payment of their policy's death benefit, which can help to cover the costs of medical expenses or recoup lost income.
Once qualified, the living benefits payment can also be used for retirement, emergencies, or anything else; it's entirely up to the policyholder. You don't have to pass away to receive these benefits, which is why they are called "living benefits".***
These funds can also help you to:
- Respond to the effects of qualifying chronic illnesses that substantially reduce your ability to perform simple tasks
- Reduce the financial effects of invasive cancer, major heart attack, stroke and certain other qualifying critical illnesses or conditions
- Financially make the most of your remaining journey following a terminal illness diagnosis
Terminal Illness Life Insurance Rider
If you have an existing life insurance policy, there may also be an option to "add on" living benefits, through a Terminal Illness Rider.
Terminal illnesses take a physical, mental and financial toll on the patients and the people closest to them. A Terminal Illness Rider, offered through Corebridge Direct, can help to provide financial relief, covering costly doctor's visits and medical treatments. It offers a one-time acceleration of up to 50 percent of the death benefit from your life insurance policy (not to exceed $250,000), following a terminal illness certification. This living benefits rider can be added onto a life insurance policy, such as Term Life Insurance or Universal Life Insurance.
***View more information about living benefits and benefit riders here
Guaranteed Issue Whole Life Insurance
Guaranteed Issue Life Insurance provides coverage for up to a lifetime, which can help your loved ones pay for medical bills, credit card debt or funeral costs. Additionally, if you're age 50 to 85, you can't be turned down for any health reason.
With Guaranteed Issue Life Insurance, you'll also receive living benefits* for qualifying chronic or terminal illnesses. For chronic illnesses, this living benefit returns all of the premiums paid when the insured can't perform two of the six "activities of daily living" (bathing, continence, dressing, eating, toileting, transferring) or is certified with a severe cognitive impairment like Alzheimer's or dementia. For terminal illnesses, the living benefit provides 50 percent of the applicable death benefit at the time of acceleration.
There's nothing more difficult than being diagnosed with a serious health condition. Life insurance with living benefits can help to ensure your loved ones are covered financially, so that your family can focus on what matters most — spending time together.
To find out if you qualify for life insurance with living benefits or to ask questions, please call 800-294-4544.
Important Information Regarding Graded Death Benefits: The AGL GIWL policy referenced offers a limited death benefit in the first two years of the policy. Should death occur in the first two years, a death benefit will be equal to 110% of the premiums paid. In the event of suicide, the death benefit is limited to a refund of premiums only.
Applicants must be between 50 – 80 years of age. The total amount of all AGL Guaranteed Issue Whole Life Insurance policies on any person cannot exceed $25,000 in the aggregate.
*See your policy for details
**Serena Gillian, Tara O’Neil Hayes. “Chronic Disease in the United States: A Worsening Health and Economic Crisis,” American Action Forum, September 10, 2020 https://www.americanactionforum.org/research/chronic-disease-in-the-united-states-a-worsening-health-and-economic-crisis/
***The use of accelerated death benefits is unrestricted. If you choose to accelerate a portion of your death benefit, doing so will reduce the amount that your beneficiary will receive upon your death.
