- Financial Solutions
- Free Quote
If you blinked, you may have missed it. The State of California recently approved a new type of life coverage plan. The Life Insurance industry, possibly wanting to draw attention to itself in the wake of the Affordable Healthcare Act, has created new plans that are sweeping the nation. Millions of these new Life Insurance plans, both Term and Permanent, are being purchased by Americans eager to take advantage of the many new "health benefits," most at no-cost. These are proving to be worth the hype, because they do much more than the older life insurance policies and are priced competitively. The demand and popularity of these plans, unlike some of the government health plans out there, has been delightfully overwhelming for the Life Insurance industry.
The new plans are called Living Benefit, Quality of Life, or simply, The New Life Insurance plans. In a nutshell, you no longer have to die to use them. The new benefits can be activated by several maladies that can profoundly affect you, and your bank account, while you're still alive.
With older plans, if you suffered from a covered malady that wasn't life-threatening, you may be out several thousand in co-pays, deductibles, non-covered medications, out-of-network medical expenses, potential travel, and your normal bills. At that point, your current policy may become useless, just another nagging payment or worse; suddenly unaffordable. For the first time, invasive cancer, heart attack, stroke, paralysis, organ transplants and several other diseases are covered, as well as cash-payouts for long-term impairment (care in your home, assisted living and nursing home.) The payouts come as an advance of the tax-free death benefit, and are self-requested up to 85% of your face amount. Just like the old plans, the remaining death benefit is paid out when you eventually die, but you’d only be offered the benefit if you requested it – say, if your ailment was to the point of significant out-of-pocket costs.
For example, if you had a $500K policy, you'd qualify for up to $425K for invasive cancer, stroke, long-term impairment and other benefits at no additional premium cost. Further, as long as you're accepted, the full array of benefits will remain with you for the life of the policy.
Consider the case of Stacie Starkey, 39, who in 2005, was diagnosed with a form of invasive cancer: "Because of the Quality of Life ... Insurance policy that we carried, I was able to get the best treatment instead of stopping to think about the cost of the treatments- that was never an issue."
You're encouraged to apply if you're healthy, if you're a smoker, have hereditary predisposition or are considering replacing or extending your current coverage. Many policyholders have told us they feel safer now, and that they're getting a lot more for their money. Term plans are available, and younger families are also signing up for affordable Permanent plans.
CoveredCALife.com is a registered broker for these new plans, all from top A-rated carriers, and is available for free quotes, consultation and side-by-side comparisons with your current plan.
We are very excited about these affordable, new plans! They are radically changing the way Americans are purchasing insurance of all types. You wanted more? Now you've got it! Go ahead and apply, and if you're curious about what these plans can do for you, feel free to contact us.