In today’s fast-paced and unpredictable world, families are often confronted with significant financial burdens when a health crisis strikes. The costs associated with critical illness, long-term care, or even terminal conditions can wreak havoc on a family’s finances. Many believe their traditional life insurance policies will protect them, but what they may not realize is that these policies only offer financial assistance after death. What if you could access your life insurance benefits while you’re still alive? That’s where Living Benefits come in—a modern solution that transforms life insurance into a financial lifeline during critical times.
At Eugene Financial Services, we are on a mission to help families safeguard their futures by upgrading their life insurance policies with Living Benefits. Partnering with National Life Insurance Company, a trusted institution with a legacy of over 175 years, we empower families to navigate health crises without the added stress of financial hardship. National Life’s Living Benefits are unique, providing life income if you’re diagnosed with Alzheimer’s, something no other insurance company offers.
This blog will take you through Living Benefits 101: what they are, how they work, and why you should consider upgrading your life insurance policy to include this powerful financial safety net.
What Are Living Benefits?
Living Benefits are an extension of your life insurance policy that allows you to access a portion of the policy’s death benefit while you’re still alive. These funds can be used to cover medical bills, everyday living expenses, or any financial obligations that arise from a serious illness or condition.
The beauty of Living Benefits is that they turn your life insurance policy into a tool for living, not just for death. You don’t have to wait until after you pass to give your family financial security; with Living Benefits, you can access those funds when a health crisis occurs, reducing stress and enabling you to focus on recovery.
The Unique Advantage of Eugene Financial Services and National Life Insurance
At Eugene Financial Services, we take pride in partnering with National Life Insurance Company, a company that has stood the test of time for over 175 years. National Life has weathered historic challenges, including the World Wars, the Great Depression, the Stock Market Crash, and inflation. Through all these periods of economic uncertainty, they remained steadfast in their mission to help families achieve financial security.
What makes National Life stand out in today’s competitive insurance landscape? Their Living Benefits are unparalleled, offering unique protections you won’t find with other insurance companies. One of the most remarkable aspects of National Life’s Living Benefits is that they are the only insurance provider that offers life income if you are diagnosed with Alzheimer’s disease. This kind of coverage is crucial as Alzheimer’s and other forms of dementia can lead to long-term care needs that are financially draining. National Life’s innovative approach ensures that policyholders with Alzheimer’s or similar conditions can access their policy’s death benefits to cover their care while maintaining dignity and financial stability.
By working with Eugene Financial Services, you can upgrade your current life insurance policy to take advantage of this unique, life-saving coverage.
How Living Benefits Work: A Financial Lifeline in Action
Living Benefits are typically added to your life insurance policy in the form of a rider. When certain qualifying events occur—such as being diagnosed with a critical illness, chronic condition, or terminal disease—these benefits are triggered. You can access a portion of your policy’s death benefit to cover expenses associated with your treatment and care.
Here’s how Living Benefits provide a financial lifeline during health crises:
- Immediate Access to Funds: If you’re diagnosed with a covered condition (like cancer, stroke, or heart disease), you can access a portion of your policy’s value while you’re still alive.
- Comprehensive Financial Support: The funds can be used to cover medical bills, rehabilitation, prescriptions, or even daily expenses such as mortgage payments or childcare. This means you won’t have to drain your savings or face financial ruin just to get the treatment you need.
- Continued Family Support: Since a portion of the death benefit is reserved for your beneficiaries, your family will still receive financial support even if you’ve already used part of the policy to cover medical expenses.
At Eugene Financial Services, we understand that every family’s situation is different. That’s why we offer customizable options to ensure your policy meets your specific needs. With National Life’s Living Benefits as part of your policy, you’ll have peace of mind knowing that you are prepared for the financial fallout that often comes with a health crisis.
Three Types of Living Benefits You Should Know About
Living Benefits can cover a range of medical conditions, and they generally fall into three categories:
1. Critical Illness Benefits
A critical illness rider allows you to access part of your life insurance policy’s death benefit if you’re diagnosed with a critical illness, such as:
- Heart attack
- Stroke
- Cancer
- Organ transplant
- End-stage renal failure
The money can be used to cover the high costs of medical treatments, hospital stays, and even daily expenses while you’re recovering.
2. Chronic Illness Benefits
Chronic illness benefits come into play when you’re diagnosed with a long-term condition that limits your ability to perform everyday tasks (such as bathing, dressing, or eating) for an extended period. In such cases, the benefits can help pay for long-term care, home healthcare, or assisted living costs.
This is particularly important for people who may require years of ongoing care and would otherwise face financial ruin due to the overwhelming costs.
3. Terminal Illness Benefits
If you’re diagnosed with a terminal illness and given a life expectancy of less than 24 months, terminal illness benefits allow you to access a portion of your death benefit to cover end-of-life expenses. This could include hospice care, medical treatments, or even fulfilling personal wishes, such as taking a last trip with your loved ones.
4. Life Income for Alzheimer’s Disease
As mentioned earlier, National Life Insurance Company is the only provider that offers life income for Alzheimer’s patients. This is a game-changer, given that Alzheimer’s can lead to years of expensive long-term care. With this benefit, policyholders can access their death benefits to cover these costs, providing much-needed financial relief for themselves and their families.
This is where Eugene Financial Services stands apart—we help families upgrade their life insurance policies so that they can benefit from National Life’s Alzheimer’s protection, ensuring they have coverage that’s tailored to their needs.
Why Are Living Benefits So Important?
Medical emergencies can strike at any time, and they often come with enormous financial burdens. According to the American Cancer Society, 1 in 3 people will develop cancer at some point in their lives. Add to that the rising costs of healthcare and the prevalence of other critical illnesses such as heart disease and stroke, and it becomes clear that traditional life insurance policies fall short when it comes to protecting families during life’s most challenging moments.
Without Living Benefits, families may be forced to drain their savings, take out loans, or even file for bankruptcy just to cover medical bills and other expenses. It’s a situation no family should have to face, especially when there’s a solution readily available.
Living Benefits, particularly those offered by National Life Insurance Company through Eugene Financial Services, provide families with the financial safety net they need during health crises. By upgrading your policy to include Living Benefits, you ensure that you’re protected no matter what life throws your way.
Real-Life Impact: How Living Benefits Provide a Financial Lifeline
To truly understand the power of Living Benefits, let’s explore a few real-life scenarios:
Sarah’s Story: Battling Cancer Without Financial Stress
Sarah, a 45-year-old mother of two, was diagnosed with breast cancer. The medical bills quickly started piling up, and she was forced to take time off work to focus on her recovery. Thankfully, Sarah had upgraded her life insurance policy to include a critical illness rider with Living Benefits through Eugene Financial Services.
With access to her death benefit while still alive, Sarah was able to cover her medical expenses and maintain financial stability for her family. The funds allowed her to focus on healing instead of worrying about how she would pay her bills.
Tom’s Journey: Overcoming Stroke and Managing Long-Term Care Costs
At age 60, Tom suffered a debilitating stroke that left him unable to work and in need of long-term care. His chronic illness rider through National Life Insurance Company allowed him to access his life insurance benefits to cover home healthcare costs, physical therapy, and mobility aids. This provided Tom and his family with financial relief during an incredibly difficult time.
Michael’s Final Wish: Living Out His Days with Dignity
Diagnosed with a terminal illness, Michael knew his time was limited. Through his terminal illness rider, he was able to access a portion of his death benefit to cover hospice care and fulfill his final wish of taking a family vacation. Eugene Financial Services ensured that Michael’s final days were spent focusing on what mattered most—his family.
Upgrade Your Policy Today: Protect Your Future with Eugene Financial Services
At Eugene Financial Services, we are dedicated to helping families navigate life’s uncertainties by providing the best possible financial protection. Working alongside National Life Insurance Company, we offer policies with unique Living Benefits that ensure you and your family are covered during both life and death.Don’t wait until a health crisis strikes—upgrade your policy today to include Living Benefits. With over 175 years of experience, National Life Insurance Company has proven time and time again that they’re a reliable partner in providing financial security, no matter what challenges arise. And with their exclusive life income benefit for Alzheimer’s patients, there’s no better time to make the change.
To learn more about how you can upgrade your traditional permanent life insurance, schedule a free review here.
