Living Benefits Life Insurance

Written by Danny Ray

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Life Insurance With Living Benefits

We will be discussing Living Benefits and how it can save you and your family, but first…..

Above all, one of the most important ways you can financially protect your family is by purchasing a life insurance policy. As you know, people die every day at all ages and for many different reasons. In fact, death is inevitable!!! It’s going to happen, one day! But what about other benefits of life insurance? Buying term life insurance with living benefits could be the best decision you make for your family.

What Do You DO If You DONT DIE??

That’s a very valid question!! You have started out in life, you have a career, a family, a mortgage, life is great!! You already purchased a life insurance policy, and your family won’t miss a beat financially. You have taken care of everything……………OR HAVE YOU???

benefits of life insurance

term life insurance with living benefits

In fact, what happens if you have a stroke? A Heart Attack? Or Diagnosed with a MAJOR illness like cancer, ALS or AIDS? What good does that life insurance policy do you if you don’t die? Because of any of these circumstances, you may not be able to work and provide for your family. For instance, your income may cease!! What does your family do? Who will pay the bills?? How are you going to pay your premiums? This is where life insurance with living benefits comes in! We will talk about the advantages of life insurance more with the living benefits rider. With these riders built into the policy, you would think it would be much more expensive. Not the case, its surprisingly cheap affordable life insurance!!




What Is Term Life Insurance With Living Benefits

Term Life with living benefits is life insurance that has accelerated benefit riders built into the policy. Furthermore, the living benefit rider is designed to provide the insured access to the death benefit, in some cases a discounted portion. If the insured’s diagnosis is with a life-changing illness, this could ultimately cause a huge financial burden on all involved.

There Are Three Accelerated Benefit Riders That Makeup The Living Benefits rider:

  • Terminal Illness Rider- A life expectancy between 12 to 24 months. Some carriers vary and depending on state limitations.
  • Chronic Illness Rider- Insured unable to perform two out of six activities of daily living.
  • Critical Illness Rider- A diagnosis of the insured with between 10-18 critical illnesses, depending on the carrier

These living benefits riders have no additional premium or cost. To clarify, almost all carriers will offer the accelerated benefit amount that’s less. Usually, a percentage of the actual death benefit. So the type of diagnosis, stage, and treatment will factor in on the amount to be paid.

Life Insurance You Can Use While Alive

Term Life Insurance with Living Benefits

Living Benefits

The Top Life Insurance Companies That Offer Living Benefits

To point out, There are only a few life insurance companies that we deal with that have life insurance with living benefits. These are the best of the best. In like manner, they are very similar, with a few minor differences. We will label our top life insurance carriers that make our list for living benefits life insurance.


ANICO living benefits

American National makes the top of our list!! They have fantastic Accelerated riders built into their signature term product. They have the best living benefits, PERIOD!! Here are some of the benefits ANICO will offer in there signature term LB.

  • Maximum Benefit, up to 100% of death benefit up to 1 million, 2 million from age 0-65.

    Life Insurance with livin benefits

    Living Benefits life insurance

  • Terminal Illness, the Life expectancy of 24 months or less.
  • Chronic Illness, such as Severe cognitive impairment or inability to perform 2 of 6 daily living activities.
  • Critical Illness/Injury, including Heart attack, stroke, Invasive cancer, final stage renal failure, Organ transplant, ALS, Blindness, Paralysis, Arterial Aneurysm, AIDS, a Severe disease of any organ, Major burns, Loss of limbs. Waitin period is 30 days, and the payout is a lump sum.

Given these points, they also will underwrite with living benefits up to table D/4.  In fact, this will also include a decrease in the premiums paid for the difference of the living benefits that were paid out. American National also has accelerated underwriting up to 250,000, age 65 with there standard rate class.

American National does have a fantastic portfolio of products like IUL Index Universal Life. These products are ubiquitous vehicles for using life insurance as an investment.

No Exam Life Insurance With Living Benefits

Living benefits

Ameritas has a great product called FLX Living Benefits. It offers a no exam up to $300,000 for those that are not patient. Also, Ameritas is also a part of a mutual organization. This means that they are owned by the policyholders. Ameritas also has much of the benefits of ANICO. However, they only pay up to 90% of the death benefit to living benefits and only pays the terminal illness rider with 12 months left to live. 

Living Benefits

Phoenix life offers simplified issue term life and final expense whole life with living benefits. In fact, not only does Phoenix life offer term life insurance with living benefits that includes critical illness rider, chronic illness rider, and terminal illness rider, but also an unemployment rider. Our diabetic clients love living benefits and therefore we always offer Phoenix due to the renal failure feature.

We like to call it the living needs rider. Furthermore, this is one of our best senior products we have for those that want the extra coverage and the convenience of a no exam.

Phoenix also has a great final expense product with their Phoenix Remembrance Life.

Living benefits life insurance

living benefits insurance

Phoenix Remembrance Life is uniquely designed to provide:

  • A simple, quick application process
  • Coverage for a funeral or other final expenses
  • Financial flexibility in case of a serious illness or accidental

Also, Advance Up to 95% For Serious Illness – Two accelerated benefit riders will allow you to take a portion of your death benefit early in the event you become seriously ill.

In fact, the Critical Illness rider gives you the option to accelerate a portion of your death benefit if you are diagnosed with a heart attack, stroke, cancer, renal failure, major organ transplant or ALS.




Safe Harbor Living Benefits

Phoenix Safe Harbor Term Life also includes four living benefit riders, offering additional flexibility and coverage for some unexpected events. Furthermore, these riders are available at no additional premium and offer protection for the following.

  • Critical Illness
  • Chronic Illness
  • Terminal Illness
  • Unemployment

Unemployment Waiver of Premium
For the most part, if you become unemployed for at least four weeks and are receiving state or federal unemployment benefits, this benefit waives six months of premium.

Term life with living benefits

Foresters is a fraternal company and a leading life insurance product in the senior community for its low-cost quality life insurance. For instance, Foresters your term is non-med and fully underwritten depending on health history. In fact, it also has Chronic, Critical and Terminal benefits at no extra cost. Living Benefits will give clients not only flexibility but most important, peace of mind. When it comes to living benefits life insurance, the 30 year term gives the consumer three decades of balanced coverage and peace of mind. 

They have two whole life products and a term life insurance that we favor.

Foresters WL vs Term

Foresters Advantage Plus Whole Life Insurance is a participating whole life product which provides lifetime death benefit protection, guaranteed cash values, and lifetime guaranteed premiums. In fact, it is designed and priced based on the 2001 Commissioners Standard Ordinary (CSO) mortality tables. In addition to offering lifetime protection, Foresters Advantage Plus also offers a variety of features and riders that address a broad range of personal protection needs.

Issue Age 0 – 15: $25,000 to $150,000
Age 16 – 55: $25,000 to $400,000
Age 56 – 75: $25,000 to $150,000

Foresters PlanRight Whole Life Insurance is a permanent, whole life product which provides a guaranteed, level premium and makes use of a simplified application and underwriting process. PlanRight is designed to help cover final expenses such as the costs associated with funeral and burial expenses, probate fees, or other financial obligations that an Applicant’s family may face in the event of death.

Foresters Your Term Level Term Life Insurance(Your Term) is a fixed period, level term life insurance product with guaranteed premium and death benefit.

18 to 55: $400,000
56 to 80: $150,000


Living benefits life insurance

Mutual Of OMAHA Term Life Express With Living Benefits…….

Offers up to 80% of the death benefit to $1 million. Life expectancy of 12 months or less will be allocated for terminal illness. Its chronical illness rider can be available if the insured is unable to perform 2 of the 6 activities of living. The critical illness rider will be paid in a lump sum.

In fact, They offer non medical underwriting up to $400,000 to age 65. 

Nonmedical underwriting is available up to a standard table D(4). Anything above that will be a decline. If a client had a 20 year term policy with living benefits, any benefits paid due to a critical/chronic riders would be deducted off the death benefit. Furthermore, the premium will be decreased with the decreasing face amount.


Living Benefits And business Insurance, Does it Make Sense?

Above all, when you own a business, it is imperative to protect the business. If you have multiple partners that own a business having a buy/sell agreement will protect the remaining partners in the event of your death. In fact, the death benefit will go to the family of the partner.

As a business owner, the biggest commodity in your business is your employees. With that said, amongst your employees, you have the superstar, the MVP, the employee that holds the bricks together. Above all, this employee usually has a positive impact on your bottom line. In the event of his/her passing, it could have a negative impact on your company. In some cases they are replaceable. A key man life insurance policy will weather the storm of the absence. This will supply the company with missed income that employee brought in and the time to replace them.

Although living benefits might make sense to have for employees overall, business life insurance it is uncommon.




Living Benefits Price Comparison

Here is a price comparison between term life with living benefits compared to the best rates in the industry. For example, this is for a healthy male, age 45, $1 million  20 year term.



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One Million Dollar Life Insurance Policy

Danny Ray ~Founder/Owner of PinnacleQuote

“Here at PinnacleQuote Life Insurance Specialists, we don’t believe in selling.  Above all, We believe in educating and providing the best options. I have worked at the biggest agency in the country. So I have seen the customer be third in line. In fact, here at PQ the customer will ALWAYS be first!! These are our principles.” – Danny Ray

Give Me a call today to go over your policy. Let’s see if we can put some money back in your pocket where it belongs!!

855-380-3300, or email me at



Danny Ray & Lisamarie Monaco Contributed To This Article
Danny Ray & Lisamarie Monaco Contributed To This Article

Here at PinnacleQuote Life Insurance Specialists we always put the CLIENT FIRST!! We are not in the business of selling life insurance, but to educate, and provide the best options for you and your family. This way you can make the best choice to properly protect your family. We have over 300 life products available to tailor make a policy for any one of our client’s needs!

We offer the Best PRICE, Best CARRIER, GUARANTEED!

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