Why Is There A Rise In Policies With Living Benefits?


Another trend in financial services is the added feature of living benefits included in insurance products. But, why are we seeing a need for these benefits?

1.) People are living longer. The average life expectancy in the U.S. is 78 years old. On top of that, more and more people are surviving heart attacks and strokes as medical technology becomes more advanced. However, these catastrophic life events can land people in the hospital or long-term care facilities. Living benefits in a policy allows someone to pay for this care without bancrupting themselves or their family.

2.) People want instant gratification. In a world where people can buy anything online and have it delivered the same day, it's no surprise that a lot of people ask, "What about me," when talking about life insurance. The nature of the industry has changed. People want to feel like they are doing something for themselves as well as for their family when purchasing a life insurance policy.

3.) People like a Plan B. Knowing they can use an insurance policy as a plan b for a medical emergency or illness gives people a great sense of ease.

We were on the forefront of this trend when we developed Safe Harbor Term.