Accelerated Benefit Riders
LIFE COMES WITH RISKS
A national study found that 53% of working-age Americans who were uninsured faced problems paying off medical expenses. Whether it is a critical illness, a chronic illness or even the terminal illness of a loved one, these tragedies can drain the entire family emotionally and financially.
TAKE CONTROL OF YOUR FUTURE TODAY
When illness strikes, work is lost and paychecks may be diminished or eliminated. In addition, expenses associated with medical treatment can compound your financial stress.
No one expects such events, but we can plan for them. We can help protect ourselves from the financial impact of these and other catastrophic events.
One way to protect ourselves is through the Living Benefits provided by our Samaha Insurance Agency’s Accelerated Benefits Riders.
What Is A Living Benefit?
- Partial Acceleration is paid in lieu of a portion of the policy’s death benefit
- Full Acceleration is paid in lieu of the policy’s death benefit. In case of a full acceleration, the policy will be terminated after acceleration is paid
- Maximum Policy Death Benefit eligible for acceleration: issue Ages 0 to 65 is $2,000,000 and Iss Ages 66 and over is $1,000,000
Protection With No Additional Premium
Accelerated Benefit Rider for Critical Illness
Hypothetical Example: Armando and Maria each own permanent life insurance policies with death benefits of $250,000 each.
Armando experienced a massive heart attack, and was unable to return to work for several months. Maria took a temporary leave of absence from her job to help care fro him.
Utilizing the Critical Illness Rider, Armando and Maria were able to accelerate a portion of the death benefit from Armando’s policy which would see them through this crisis without having to destroy their savings or retirement nest egg.
Accelerated Benefit Rider for Chronic Illness
Hypothetical Example: Bill was diagnosed with early-onset Alzheimer’s disease, and was eventually unable to work or stay at home alone.
Bill and his wife, Karen, askedd their agent about surrendering the policy for accumulation value in $500,000 permanent life insurance policy on Bill’s life.
Utilizing the Accelerated Benefit Rider, Bill and Karen chose to accelerate 25% of the policy to help with immediate needs and leave 75% of the death benefit to assist Karen later.
Sadly, two years later, Bill’s condition worsened and chose to accelerate an additional 50% of the remaining death benefit to cover necessary expenses for funeral cost.
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LIRP* (Life Insurance Retirement Plan)
WHY PERMANENT LIFE INSURANCE? SIMPLE.
Permanent life insurance provides comfort, stability and assurances. It gives you the peace of mind that your family is protected after you are gone, and they can continue the life you’ve planned without hardship. It ensures retirement income for your spouse, and financial security and education for your children. It can also protect your business if you’re not there. In a nutshell, you choose permanent insurance because you love your family, and want the very best for them.
WHY INDEXED UNIVERSAL LIFE?
In an unpredictable market, the IUL gives you the power to earn interest and provide security for you and your family.
HOW CAN YOU GUARANTEE AFFORDABLE PROTECTION FOR A LIFETIME?
With IUL, policyholders can select how often and for how many years they want to pay premiums in order to dictate how long their permanent life insurance policy lasts. Since the premium payment period and lapse dates are essentially “dial-able” at the time of illustration, policyholders can keep paying premiums and choose the protection of a life insurance policy to age 95 or until age 121. You can choose to pay premiums for your lifetime, or pay up the policy over a shorter premium paying period such as 10, 15, or 20 years.
CUSTOMIZE YOUR COVERAGE
Disability Waiver of Stipulated Premium Rider
This rider waives a certain amount of the premium, as stipulated on the data page that accompanies the policy. These waived premiums are considered to be paid premiums and are credited to the insurance policy. This amount may not keep the policy active to the policy maturity date. The insured must provide proof of total disability that has continued for at least six consecutive months.
Children's Term Rider
Separate level term life insurance may be provided for each child age 15 days old through 18 years at policy issue. Each insured child may be covered up to the earlier of:
- The child’s attained age of 25, or
- The policy anniversary following the insured’s attained age of 65
Guaranteed Cash Out Rider
The Guaranteed Cash Out Rider secures a return of premium (ROP) which enhances the policy’s surrender value if the policy is fully surrendered during an available Enhancement Option Period. This means owners can receive up to 65% ROP after 15 years, and 100% ROP after 20 and 25 years. There is no additional premium for this benefit rider, and you are not required to have a minimum policy amount to qualify. Maximum issue age is 70.