Faq

Traditional life insurance primarily provides benefits after the policyholder's death, while living benefits offer financial assistance while the policyholder is still alive.

Common living benefits include critical illness coverage, disability income protection, and long-term care benefits. Each addresses specific needs during the policyholder's lifetime.

Critical illness coverage often includes major illnesses such as cancer, heart attack, stroke, and more. Specific covered conditions may vary between insurance providers.

Many insurance providers offer flexibility for policyholders to tailor their coverage based on individual needs. You may be able to adjust coverage amounts, duration, and specific benefits.

The claims process typically involves submitting relevant documentation, such as medical reports, to the insurance company. Once validated, the policyholder receives the specified benefits.

Some policies may have a waiting period, known as a "survival period," before policyholders can make a claim. This period varies among insurance providers and policies.

Living benefits can be used at the policyholder's discretion, whether for medical expenses, home modifications, or other financial needs arising from a covered event.

Tax implications can vary, and it's advisable to consult with a tax professional. In many cases, living benefits are paid out tax-free, but exceptions may apply.

Depending on your insurance provider, you may have the option to add living benefits as a rider to your existing life insurance policy.

Premiums are influenced by factors like age, health status, coverage amount, and chosen benefits. Policyholders should consider these factors when selecting a plan.