Nobody really likes to think about life insurance. Especially if you are a smoker. That’s why people tend to put off considering their options until they actually need coverage.
However, life insurance is something that we are better off being proactive about.
If you wait too long and are in an accident or develop an illness, it will become a lot harder to get insurance at a good rate. That’s why finding a policy while you’re in good health may benefit you in the future.
At Safe Policies Insurance, we specialize in providing coverage for high-risk conditions.
Usually, companies would rather not take on such high risks.
However, every insurance may have certain appetite for some This means they will either deny you coverage or charge especially high rates. However, we deal with these cases daily and know how to secure you your best coverage option. You don’t want to suddenly be denied insurance when you need it the most. Just to show you how rates can increase for “high-risk” applicants, here is a mild but common example. The table above shows the rates for different age and lifestyle groups.
Based on a 1 million dollar coverage
Living Needs Benefit Rider
The Living Needs Benefit rider is an accelerated death benefit rider that advances a portion of the policy’s death benefit in the event of a terminal illness, confinement to a nursing home, or an organ transplant.
It is available at no additional premium* on most of our single-life permanent and level-term life insurance policies. This rider is not available in Washington state. There are special considerations for the following states: California, Connecticut, Florida, Kansas, Kentucky, Massachusetts, Michigan, Minnesota, New York, Ohio, Oregon, and Washington, D.C. For details, please see the Living Needs Benefit Rider Highlighter PDF opens in a new window.
Except in Washington state and as specified for certain term policies, the Living Needs Benefit can be added to existing contracts or future policies covering a single life unless the policy owner has added the BenefitAccess Rider to the policy.
The policy owner must have at least a “threshold” amount of eligible insurance on the insured. The applicable threshold can be satisfied by aggregating eligible contracts.
The Living Needs Benefit is available at no additional premium* on most of our single-life permanent and level-term life insurance policies.
The Living Needs Benefit is available in many states. It is not available in Washington state and there are special considerations for several states. See the Living Needs Benefit Rider Highlighter for complete details.
Adding the Rider:
The Living Needs Benefit can be included at issue or added after issue on eligible policies.
Terminal Illness Option
Claim Requirements for Terminal Illness Option:
A claim can be made by the policy owner if the insured is terminally ill and has a life expectancy of six months or less (12 months or less in California). Satisfactory evidence from the insured’s physician must be provided. (In Connecticut, evidence can also be provided by an advanced practice registered nurse.)
Nursing Home Option
Claim Requirements for Nursing Home Option:
A claim can be made by the policy owner if the insured has been confined to an eligible nursing home for at least six consecutive months and is expected to be permanently confined. Satisfactory evidence from the insured’s physician must be provided.
The Nursing Home Option is not available in California, Connecticut, Massachusetts, Florida, New York, and Washington, D.C.
Organ Transplant Option
Claim Requirements for Organ Transplant Option:
A claim can be made by the policy owner if the insured requires an organ transplant and would have only six months or less to live (12 months or less in California) without the transplant procedure. Satisfactory evidence from the insured’s physician must be provided. (In Connecticut, evidence can also be provided by an advanced practice registered nurse.)
Living Needs Benefit Highlighter
* There is no charge for this rider but, when a claim is paid under this rider, the death benefit is reduced for early payment, and a $150 processing fee is deducted. If more than one policy is used for the claim, each policy will have a processing fee of up to $150. (For the exception in Florida, see the State Variations PDF opens in a new window .)
Life insurance is issued by The Prudential Insurance Company of America, Pruco Life Insurance Company (except in NY and/or NJ), and Pruco Life Insurance Company of New Jersey (in NY and/or NJ). All are Prudential Financial companies located in Newark, NJ.
The Living Needs Benefit℠ is an accelerated death benefit and is not a health, nursing home, or long-term care insurance benefit and is not designed to eliminate the need for insurance of these types.
There is no charge for this rider but, when a claim is paid under this rider, the death benefit is reduced for early payment, and a $150 processing fee ($100 in Florida) is deducted. If more than one policy is used for the claim, each policy will have a processing fee of up to $150 deducted ($100 in Florida).
Portions of the Living Needs Benefit℠ payment may be taxable, and receiving an accelerated death benefit may affect eligibility for public assistance programs. The federal income tax treatment of payments made under this rider depends upon whether the insured is considered “terminally ill” or “chronically ill” and, if the policy is business-related, whether the insured is receiving the benefits.
We suggest that clients seek assistance from a personal tax advisor regarding the implications of receiving Living Needs Benefit℠ payments.
This rider is not available in Minnesota to new purchasers over age 65 until the policy has been in force for one year, and the nursing home option is not available in California, Connecticut, Florida, Massachusetts, New York, or the District of Columbia. This rider is not available in Washington state. In Oregon, term policies must include the waiver of premium benefit to be eligible for this rider.
Guarantees are based on the claims-paying ability of the issuing insurance company.
Created Exclusively for Financial Professionals. Not for Use with Consumers.
If you are aware of a condition that may make you a high-risk applicant, we can help. Especially if you have not seen a doctor yet or received a formal diagnosis. The earlier you come to us, the more favorable a rate we can find you. In essence, be proactive and get insurance now at a lower rate rather than later when you are hit with potential medical bills. We can help you find a policy for your unique situation. Just give us a call or send us an email and we'll be happy to help. For information on Medicare, visit our dedicated Medicare site, or get a quote right now.