Breland, LLC

Life Insurance that Compliments Your Health Insurance

Do you have a Cancer Plan or Critical Illness Policy? Understand how term life insurance with living benefits is of better value. 

A topic often overlooked in financial planning discussions is the intersection of health insurance and life insurance. As the owner and manager of Breland Benefits and Insurance, which focuses on employee benefits and individual health insurance, I've witnessed firsthand the importance of integrating these two critical components into a comprehensive financial strategy.

When protecting oneself and loved ones against unforeseen health challenges, choosing between critical illness policies, cancer plans, and term life insurance with living benefits can significantly affect financial security. Today, I want to show why term life insurance with living benefits may offer superior value compared to standalone critical illness or cancer policies.

Let's consider a scenario: a healthy 50-year-old male non-smoker. For approximately $85.00 per month, he could purchase a $50,000 critical illness policy. However, for slightly less at $80.00 per month, he could acquire a $500,000, 15-year term life insurance policy with living benefits.

Here's where the distinction lies. While the critical illness policy pays a lump sum of $50,000 upon diagnosis, the term life insurance policy provides greater flexibility and coverage. In the event of a terminal diagnosis, the life insurance policy could pay out a substantial $375,000 to the policyholder while alive while ensuring a $125,000 life insurance death benefit for beneficiaries upon passing.

Moreover, as our hypothetical client approaches Medicare eligibility in 15 years, the benefits of the critical illness policy diminish, whereas the life insurance policy remains intact. Additionally, the contract language governing benefits in life insurance policies tends to be less restrictive than that of critical illness or cancer plans, offering more comprehensive coverage.

Another significant advantage of term life insurance with living benefits is its broader scope of coverage. Unlike critical illness or cancer plans, which only pay benefits for specific conditions outlined in the policy, life insurance ensures the death benefit is payable regardless of the cause of death, whether due to illness, accident, or other unforeseen circumstances.

Furthermore, term life insurance offers the flexibility to convert to a permanent policy without additional underwriting if the client's needs evolve.

As a firm believer in empowering clients to make informed decisions about their financial well-being, I encourage you to consider the comprehensive protection that term life insurance with living benefits can provide. By bundling health and life insurance policies, we can tailor a solution that safeguards against medical uncertainties and secures long-term financial stability for you and your loved ones.

It's important to know that not all living benefits are the same. The terms can vary significantly from one life insurance policy to the next. At Breland Benefits and Insurance, our commitment is to provide personalized guidance and innovative solutions that prioritize your health and financial security. Don't hesitate to reach out if you want to explore how term life insurance with living benefits can enhance your insurance portfolio. Your health truly matters to us.
 
Warm regards,
 
Darryl Breland 
Owner, Breland Benefits and Insurance