If you already have Life Insurance you need to know about this.
If you don't have life insurance then you probably want to know about this...
A pretty standard feature of most life insurance policies today is something that none of us really like to talk about: Terminal Illness Benefit. It is a way of paying out the life insurance while you are still alive if you have been diagnosed with a terminal illness.
Nobody actually wants to claim on their life insurance. Not ever. The sad reality is that many people aren't fully prepared for the financial impact on themselves and their families if they are diagnosed as being terminally ill.
What is even more sad is many clients forget about this benefit in their life insurance policy in their time of highest stress... and it is there waiting to be used.
Of course one of the things to be aware of is that often when somebody has been diagnosed with a terminal illness and the life insurance benefit is paid out, much of the insurance money goes on trying to provide the best possible treatment and care. That is perfectly logical, reasonable and to be expected. It often presents an issue for the surviving family though.
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