Hi friends, does anyone know anything about terminal illness insurance?
Total Comments: 4
Posted: Thu Jul 19, 2007 09:18 am Post Subject: about accelerated death benefit
Hi, you have raised a very important question in the forums. Terminal illnesses are covered under the ‘accelerated death benefits rider' of life insurance policies.
The accelerated death benefit rider enables the beneficiary to collect a portion (usually 80%) of his death benefit towards his treatments if he suffers from any terminal disease. Some insurance company will charge extra amount for adding this feature to your policy, whereas, others may charge only when you avail this benefit.
Your insurance provider may allow you to add this feature any time during the term of the policy or may require you to declare at the time you purchase the life plan. Anyway, this way or the other, in this era of soaring medical costs this feature may come handy in the long run.
Regards,
Juanita
Posted: Thu Jul 19, 2007 09:59 am Post Subject:
Hi Electra,
According to the insurance companies, a terminal disease is which limits your life expectancy to 12 months or less. Insurance companies have laid-down some specific criteria to trigger the benefit.
# If you are suffering from a chronic disease or physical disability which may result in death.
# if you are suffering from any disability or paraplegia that is deterring you from performing the regular jobs, like- eating, bathing, toileting etc..
# if you require extensive and elaborate medical care for a long time or require constant nursing care.
Posted: Thu Jul 19, 2007 10:40 am Post Subject:
Accelerated death benefit also offer tax benefits. The income from it is exempted from federal tax. In some state also it is excluded from state income tax. You can receive the money in lump-sum, deducted from the face-value of your policy or can get it in monthly installments. Many companies, now-a-days, are offering this rider as a build-in feature of their life insurance policies.
Thanx,
Cindy
Posted: Mon Aug 13, 2007 11:55 pm Post Subject:
Great answers regarding the Accelerated Death Benefit offered in many life insurance policies...even some group contracts have this option!
On the other hand, are you thinking about "critical illness" policies? These are stand-alone insurance policies which will normally pay out on a lump-sum basis upon diagnosis for certain "critical" illnesses, like cancer, heart problems, etc. Is this what you are referring to in your OP?
Posted: Thu Jul 19, 2007 09:18 am Post Subject: about accelerated death benefit
Hi, you have raised a very important question in the forums. Terminal illnesses are covered under the ‘accelerated death benefits rider' of life insurance policies.
The accelerated death benefit rider enables the beneficiary to collect a portion (usually 80%) of his death benefit towards his treatments if he suffers from any terminal disease. Some insurance company will charge extra amount for adding this feature to your policy, whereas, others may charge only when you avail this benefit.
Your insurance provider may allow you to add this feature any time during the term of the policy or may require you to declare at the time you purchase the life plan. Anyway, this way or the other, in this era of soaring medical costs this feature may come handy in the long run.
Regards,
Juanita
Posted: Thu Jul 19, 2007 09:59 am Post Subject:
Hi Electra,
According to the insurance companies, a terminal disease is which limits your life expectancy to 12 months or less. Insurance companies have laid-down some specific criteria to trigger the benefit.
# If you are suffering from a chronic disease or physical disability which may result in death.
# if you are suffering from any disability or paraplegia that is deterring you from performing the regular jobs, like- eating, bathing, toileting etc..
# if you require extensive and elaborate medical care for a long time or require constant nursing care.
Posted: Thu Jul 19, 2007 10:40 am Post Subject:
Accelerated death benefit also offer tax benefits. The income from it is exempted from federal tax. In some state also it is excluded from state income tax. You can receive the money in lump-sum, deducted from the face-value of your policy or can get it in monthly installments. Many companies, now-a-days, are offering this rider as a build-in feature of their life insurance policies.
Thanx,
Cindy
Posted: Mon Aug 13, 2007 11:55 pm Post Subject:
Great answers regarding the Accelerated Death Benefit offered in many life insurance policies...even some group contracts have this option!
On the other hand, are you thinking about "critical illness" policies? These are stand-alone insurance policies which will normally pay out on a lump-sum basis upon diagnosis for certain "critical" illnesses, like cancer, heart problems, etc. Is this what you are referring to in your OP?
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