Feared More Than Death!

[scagnt83]

Interesting article from CNBC. Recent studies show that workers age 40-50 fear the financial effects of a critical illness more than they fear dying.

The article concentrates more on critical illness. But this concern among this age group could be a good LTCI prospecting tool. Or at least something to keep in mind when speaking to this age group. Show them how much cheaper it is to buy at age 45 vs age 65.

Worse than death: Critical illness money fears

 

[timcomp]

Could you recommend a company\product that offers an ordinary product with a critical illness rider? I mean an universal life product or whole life product with a critical illness rider, not a worksite product or stand alone critical illness insurance. Thank you.

 

[ltcadviser]

Could you recommend a companyproduct that offers an ordinary product with a critical illness rider? I mean an universal life product or whole life product with a critical illness rider, not a worksite product or stand alone critical illness insurance. Thank you.

Why if given a choice not offer a UL product with a LTC rider under IRC 7702(b) rather than a critical illness rider under IRC 101(g)? Why subject your client to the more stringent definition of chronically ill under 101(g)?

 

[yankee466]

Why if given a choice not offer a UL product with a LTC rider under IRC 7702(b) rather than a critical illness rider under IRC 101(g)? Why subject your client to the more stringent definition of chronically ill under 101(g)?

Maybe because he is concerned about having a heart attack and missing two months of work without pay....and in that case, the LTC policy or LTC rider on a life plan will be of little or no value due to standard elimination periods. Else, your suggestion is valid if will result in the ADL issue for 90+ days.

Some Life carriers tout their "living benefits" like AGLA or TransAmerica, but these are no more than partial payouts on specific events, like a critical illness. The standard accelerated death benefit on a terminal illness is different again. Sometimes a stand alone CI plan is the best option if you are looking at a one shot cash infusion. I am sure there are some life carriers with CI riders.

 

[scagnt83]

Are there any Life Companies that allow an event based Critical Illness Rider along with a Chronic Illness & Terminal Illness Rider?

For clients who need permanent coverage the Chronic Illness Riders are becoming a strong substitute for traditional LTCI. LFG has a very strong Chronic Illness Rider. NA now includes theirs for free along with the Terminal Illness Rider (its not as strong as LFGs, but it is on all permanent products. LFG just has it for GUL)

 

[Justin Bilyj]

TransAmerica has the LB series that has Accelerted Terminal, Chronic, and Critical Illness benefits. Priced $5 more than avg. term price. Has Di riders but no rop rider. But that's for term, for perm haven't seen anything.