Understanding the Differences Between Living Benefits Policies: Not All Have the Same Triggers
Not All Living Benefits Plans Have the Same Triggers!
Understanding the difference is really important.
When it comes to Living Benefits Life Insurance Policies, there is a difference between 1st generation plans that have 6-8 or 10 triggers and 2nd generation plans that have 16-17 triggers. Living benefits pays off early, in some cases years early, an accelerated portion of your death benefit. People use this money to live on and pay expenses. Having more triggers makes the money accessible to you in more ways - and that is a good thing.
Here are the plans that are available and the triggers that are written into each plan:
PHOENIX has 6 Critical Illness Triggers
Phoenix Chronic Illness
Phoenix Critical Illness
Phoenix Terminal Illness
Transamerica has 8 Critical Illness Triggers
Transamerica Chronic Illness - Up to $1.5 Million
Transamerica Critical Illness
Transamerica Terminal Illness
AIG has 10 Critical Illness Triggers
AIG Chronic Illness - Up To $2 Million
AIG Critical Illness
AIG Terminal Illness - 24 Months
American National ("ANICO") has 16 Critical Illness Triggers
ANICO Chronic Illness
ANICO Critical Illness
ANICO Terminal Illness - In Texas - 24 Months
National Life Group ("NLG") has 17 Triggers Critical Illness & Injury
NLG Chronic Illness
NLG Critical Illness