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Are you looking for Houston, TX living insurance plans? If you’re like most people, the thought of buying life insurance is a bit daunting.
It’s one of those things that’s often put off until it’s too late. Life insurance can help bring you and your family peace of mind in case the worst happens. Your family does not want to be trying to grieve on top of trying to figure out how to pay for expenses such as funeral arrangements, medical bills, and anything else they may need. With a life insurance policy, you can give your family financial security. It will be hard enough to deal with the passing of a loved one. Make it easier with a life insurance policy.
At Best Life Insurance Houston Agency, we can provide high-quality life insurance policies that will give you and your family the coverage you need. We offer permanent as well as term life insurance policies. For those with pre-existing conditions who are worried about getting denied, we offer a guaranteed issue policy.
Along with our life insurance policies, we can offer funeral arrangements so your loved ones will have one less thing on their list.
If ever you need financial help covering bills, some of our policies allow you to add a Houston, TX living insurance rider . For in-depth information about Houston, TX living insurance, as well as other life insurance plans we offer, call us at Best Life Insurance Houston Agency today.
What Is a Houston, TX Living Insurance Rider
A living insurance rider is an add-on policy to an existing insurance policy that allows you to access your death benefits while you are still alive. While these policies do come with prerequisites, these riders have helped many policyholders pay for unexpected expenses or even last trips they’ve always wanted to take. There are many benefits to having one of these policies, but there are some drawbacks to using them. It is important to weigh your options and know exactly what these policies do.
Living benefits can be added to an existing permanent or term life insurance policy. It can also be added to group business insurance policies. For instance business owner who has a very important key person who makes a company a lot of money, this policy can be added to their keyman insurance policy.
Living benefits work a lot like the savings component in a permanent policy. Except, living insurance does not accumulate money the way a saving component does. Living benefits do work in the same way as it can reduce the amount of money your beneficiary receives upon your death.
The flip side of that, however, if you have a permanent plan, such as whole life, you can add that money back into your rider policy so that it does not diminish the amount that your beneficiary receives. This can only be done with a permanent policy, not a term life policy.
A living benefits rider can be used for anything you want. As mentioned previously, this can be used for medical expenses, car payments, groceries, house payments, trips, repairs, etc. There is no justification for how you use this money, nor do you have to save receipts. This money is also non-taxable. As of January 1997, beneficiaries do not have to report their living benefits to the government.
What are the Qualifications
In order to access these living benefits, there are certain qualifications one must meet. There are three categories, or triggers, in which a person can receive benefits, and each trigger has specific criteria.
The first trigger is terminal illness. If someone is considered to be terminally ill, they must be given a life expectancy of two years or less to access their living benefits. Most other companies require someone to have a life expectancy of one year or less.
The second trigger is chronic illness. Those who have a chronic illness must not be able to perform two out of six daily tasks without assistance. These tasks include:
- Getting dressed
- Going to the bathroom
The final trigger is critical illness. This trigger is a little different. A qualifying critical illness is defined as a life-altering condition that may or may not result in death. This can be due to a heart attack, stroke, kidney failure, etc.
The amount of living benefits that can be used is dependent upon how much is in the account. Therefore, there is no time limit on how long you can access your benefits.
Are Living Benefits Right For You?
You may be wondering if a living benefits rider is right for you. After all, if you have a permanent policy, there is a saving component policy. However, a living benefits rider has features about it that a saving component may not have. For instance, living benefits do not require a justification for spending, whereas a savings component may require that.
Not everyone needs this policy. At Best Life Insurance Houston Agency, we want to find policies that fit a person. We are not here to simply get people to buy things they do not need. Life insurance is important and should be done with careful research and consideration. If you are unsure what type of policies you qualify for and what you may need, give us a call. Our agents are highly professional and always willing to help people. They know what this means to people. Therefore, they waste no time trying to sell you something you do not need nor want.
Our agents can go over every policy that may suit your needs. They can tell you exactly what you need to qualify and how it can benefit you and your family.
Contact Us Today
Contact our Houston location to speak with one of our agents. We to help guide you and find you a policy that works for you. Best Life Insurance Houston Agency is the best company for Houston, TX living insurance plans.
Fun Facts about Houston TX:
- It has nine counties.
- There are four professional sports teams.
- They have won several championships.