LifeAid™ Accelerated Benefit Rider is Here!
Now you can offer more value to your clients with life insurance that DOES MORE. As people continue to live longer, it is important to have a flexible policy that lets them choose when to use their benefits. LifeAid™ Accelerated Benefit Rider1 is now included as part of Illinois Mutual’s Path Protector® Whole Life policy. These living benefits give your clients the flexibility to accelerate a portion of their policy’s death benefits if they become chronically or terminally ill.2
- Available at no additional premium
- Living benefit protection
- No waiting period once eligibility is met
- No restrictions on how the money is spent
Accelerated benefits for a chronic illness are available when a licensed physician certifies that the insured is permanently unable to perform, without substantial assistance from another individual, two or more activities of daily living for a period of at least the last 90 consecutive days due to a loss of functional capacity; or that the insured requires substantial supervision to protect him or her from threats to health and safety due to permanent severe cognitive impairment.
Accelerated benefits for a terminal illness are available when a licensed physician diagnoses the insured with a medical condition that is expected to result in death within 24 months of the date we receive due proof.
For more details, download form UP111 and order a supply of C5758 LifeAid™ Consumer Brochures from the Resource Library on the Agent Forum today!
1Insured must be 65 or younger at time of application and meet established underwriting criteria to qualify for the LifeAid™ Accelerated Benefit Rider. A rider providing accelerated benefits for terminal illness only will be available to individuals who do not qualify.
2Certain charges accrue when an Accelerated Death Benefit is paid. Acceleration of death benefits creates a lien that reduces (and may terminate) the policy’s death benefit and the cash available for loans, withdrawals, and nonforfeiture options. Interest continues to accumulate after the payment date. Only one benefit for chronic illness may be paid during any 12-month period.
Payments made under these riders are intended to qualify for favorable tax treatment under the Internal Revenue Code. Illinois Mutual recommends that you consult a qualified tax advisor prior to purchasing the policy or accelerating benefits.
Accelerated Death Benefit Payments may affect eligibility for or the amount of certain state or federal government benefits such as Medicaid or Supplemental Security Income (SSI). These riders are not intended to be a substitute for long term care insurance, health insurance, or nursing home insurance.
Policy Form 617, Whole Life Insurance To Age 121 Policy
Policy Form 5738, Chronic and Terminal Illness Accelerated Death Benefit Rider
Policy Form 5739WL, Terminal Illness Accelerated Death Benefit Rider
Not available in AK, CA, CT, DC, HI, MT or NY. Coverage and availability may vary in other states.
For policy costs and details of coverage, limitations, exclusions and terms, contact Illinois Mutual.