Life Insurance Has Evolved to Better Meet Your Needs

Life insurance first emerged as a financial product several hundred years ago. Back then, the primary purpose of a life insurance policy was to provide income to the dependents of a person who unexpectedly passed away (usually the husband and father of the family). Without this “death benefit”, many widows and orphans would have been left destitute.

Today, that is still one primary reason that life insurance is a necessity for nearly everyone. However, as society has changed, many other needs have emerged. For example, the high cost of modern funerals led many families to carry life insurance on all members of the family.

A product is only successful if it continues to evolve and meet consumer demand. That’s why the insurance policies of today continue to offer new benefits that were not available even a decade ago.

Today we know that improved healthcare technology will help many patients survive accidents and illnesses that were once fatal. However, temporary or permanent disability is often the result, and families are left to manage overwhelming medical bills along with the cost of living. If a primary breadwinner can no longer work, the entire family is left financially vulnerable. We have often seen these situations lead to heartbreaking bankruptcy.

Today, the life insurance industry provides an answer to such a difficult situation. If your life insurance policy included a living benefits rider, you can receive your benefits payout even though you are still alive (but left disabled by an injury or illness). In the event of a major health crisis that threatens your income, your family can be protected from foreclosure and bankruptcy. Your retirement fund is also protected, because collecting your payout often means that you won’t have to tap into your savings prematurely.

If you don’t know whether your life insurance policy includes a living benefits rider, schedule an appointment with us to review the fine print. Relying upon an old, outdated insurance policy potentially puts your family in financial jeopardy, in the event that you are ever incapacitated. We will conduct an up-to-date needs analysis with you, and help you select a life insurance policy that offers the best protection to you and your loved ones.