Life Insurance with Living Benefits is a new type of life insurance. With Living Benefits, you can advance up to 90% of your death benefit without dying if you suffer a critical, chronic, or terminal illness. These benefits are paid out tax free and do not have to be paid back to the insurance company. The best part is, these policies often cost the same price or less than traditional death-only life insurance.

There are many different types of life insurance and it can be overwhelming. At Legacy Insurance Group, we take the time to understand the needs of you and your family and make sure you have the coverage you need. Life insurance doesn’t have to be complicated.

Regardless of the type of life insurance policy you choose, there are a few basic features that are common to most policies. These include:

• Premiums: The cost of your life insurance policy, which can be paid monthly, annually, or in a lump sum.
• Death benefit: The amount of money that will be paid out to your beneficiaries when you pass away.
• Beneficiaries: The people or organizations you designate to receive the death benefit.
• Underwriting: The process of determining your eligibility for a life insurance policy, which typically involves a health assessment and may include a medical exam.
• Riders: Optional add-ons to your policy that can provide additional coverage or benefits, such as a waiver of premium rider or an accelerated death benefit rider.

I hope this brief introduction helps you understand the basics of life insurance. As always, it’s important to speak with an insurance professional to determine which policy is right for you and your loved ones.