Best Life Insurance with Living Benefits

“Living benefits” can be used to refer to some of the death benefits that you are able to use before your death. This could include the ability to use some of the benefits if you have a chronic, terminal or critical illness. It can also refer to any feature that you can use throughout your life, such as the cash value of a permanent policy, income benefits for disability, and wellness perks. To determine the best life insurance companies that offer living benefits, we considered all features that can make your life insurance policy work.

Mutual of Omaha offers at least two accelerated death benefits (for terminal and chronic illnesses) on all policies. Its Term Life Express, and IUL Express policies automatically include terminal, and chronic illness accelerated death benefit riders without additional cost. The company also offers a return of premium-term life insurance policy that pays up to 100% of your premiums if you live beyond the term. However, this policy is more expensive. For an additional cost, you can add a disability income rider to certain products that can provide $3,000 per month in case you’re becoming disabled.

Mutual of Omaha is among the 11 companies that offer premium return term life insurance. It also offers a disability income rider.

John Hancock is our choice for wellness benefits because of a few reasons. Its rich history, financial strength, and low number of complaints are impressive. John Hancock offers both wellness perks as well as accelerated death benefits, without any additional premium for all life insurance policies.

American International Group, Inc., also called AIG, is the best term life insurance company because of its many customizable term policy options, which include 18 terms and several add-on riders. AIG’s Quality of Life policies offers accelerated death benefits for terminal, chronic, and critical illnesses.

New York Life was ranked #1 for whole-life insurance coverage due to its financial strength, reputation, and overall quality. There are two whole-life options available, as well as add-on riders such as the disability waiver of premium or chronic care options.

Haven Life Insurance was selected because of its easy, online application and quick-term life insurance quotes. Haven Simple policy applicants can be approved immediately without the need for a medical exam.

State Farm is unique because it offers discounts on multiple types of insurance coverage. You can bundle life insurance with home, renters, auto, health, umbrella liability, and many other options. Our review of State Farm’s bundled coverage found it to be the best.

Final Verdict

There are many options when it comes to choosing the best life insurance that includes living benefits. Your situation, the type you require, and the benefits that you desire will all play a role in your decision.

Although not all policies offer living benefits, there are many insurance companies that offer accelerated benefit riders for no additional cost. They also make it possible to get more benefits for a fee. Mutual of Omaha was the best-reviewed company, offering the most living benefits. It included generous accelerated benefits that are available on all policies for no upfront cost. There were also less common features such as a disability income rider or return of premium term coverage.

Updated: December 25, 2022 — 9:53 am

Leave a Reply

Your email address will not be published. Required fields are marked *