In 2016, Illinois Mutual introduced our LifeAid™ Accelerated Benefit Rider, which is now automatically included with Illinois Mutual’s Path Protector® Whole Life where available, at no additional premium, if you meet established underwriting criteria. Read More
LifeAid™ Accelerated Benefit Rider
In addition to providing necessary life protection with a guaranteed death benefit, Illinois Mutual’s Path Protector® Whole Life insurance now includes our LifeAid™ Accelerated Benefit Rider.1 This rider gives you the flexibility to accelerate the payment of your policy’s death benefits if you become chronically or terminally ill.
Accelerated benefits for a chronic illness are available when a licensed physician certifies that you are 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 you require substantial supervision to protect you 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 you with a medical condition that is expected to result in death within 24 months of the date we receive due proof.
Learn more about the LifeAid™ Accelerated Benefit Rider and see how Illinois Mutual can help empower you with a flexible policy that lets you choose when you use your benefits!
Insured 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.
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.
Certain 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.
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, 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.
Illinois Mutual introduced PERKSSM in 2016; this campaign introduced DI to small business owners. We know the right combination of Individual Disability Income (DI) for personal expenses like a mortgage, utilities and groceries, combined with Business Expense (BE) protection to cover eligible business expenses*, can protect a business owner and his or her business.
*Eligible Business Expenses Include: Employee Salaries, Lease/Rent, Mortgage/Loan Interest, Maintenance, Utilities, Operational Expenses, Taxes: Property & Payroll, Professional Expenses, Facility Expenses
Combined Billing was introduced in 2016 to help business owners take the complexity out of offering multiple carriers’ products to their employees.
Vision Financial, an experienced third party administrator, works behind the scenes to reconcile changes in the deductions and premiums due for employees’ benefits selections and channels the premium payments to the proper carriers. This limits a company’s involvement in the time-consuming process of benefits administration at no cost to employers or employees. Employers can offer as many voluntary products as they want with minimal impact on their resources. Read More
What is Combined Billing?
Combined Billing can help business owners take the complexity out of offering multiple carriers’ products to their employees.
Here’s how it works: Vision Financial, an experienced third party administrator, works behind the scenes to reconcile changes in the deductions and premiums due for your employees’ benefits selections and channels the premium payments to the proper carriers. This limits your company’s involvement in the time-consuming process of benefits administration at no cost to you or your employees.
The Benefits of Combined Billing
- Your payroll department does not have to reconcile each monthly bill that an insurance company sends. You simply send the deduction register, in an electronic format of your choice, to Vision Financial’s secure FTP site. Vision Financial then reconciles each insurance company’s bill and pays the premium to the carriers.
- There is minimal impact on your accounts payable or human resources department. You simply electronically transfer (ACH) the premium deductions made for the month to the third party administrator’s lock box.
- Upon notification by the insurer of any benefit changes or employee changes, Vision Financial automatically adjusts the amount that is to be deducted and sends the deduction change information securely to your payroll department.
You can offer your employees as many voluntary products as you want with minimal impact on your resources.
Just one more way Illinois Mutual is making doing business with us Fast, Simple, Seamless®!