Take control of the future today a national study found that 62.1% of bankruptcies were attributable to major medical expenses. Whether it is a critical illness, a chronic illness or even the terminal illness of a loved one, these tragedies can drain the entire family emotionally and financially.
What is a Living Benefit?
American National’s Living Benefits are Accelerated Benefit Riders (ABRs) which provide the potential to receive a partial or full accelerated life insurance benefit if the insured experiences a qualifying medical condition.
- Partial Acceleration is paid in lieu of a portion of the policy’s death benefit. Multiple partial benefits are available if a partial benefit is taken. For example if 25% of the death benefit is accelerated, 75% of the death benefit would remain and could be accessed later, if needed.
- Full Acceleration is paid in lieu of the policy’s death benefit. In the case of a full acceleration, the policy will be terminated after acceleration is paid.
Protection with No Additional Premium
The riders are offered at no additional premium. However, the accelerated payment will be less than the requested death benefit because it will be reduced by an actuarial discount and an administrative fee of up to $500. The amount of the reduction is primarily dependent on American National’s determination of the insured’s life expectancy at the time of election. The accelerated payment is limited to $2,000,000 for ages up to 65 and $1,000,000 for ages 66+.
The Accelerated Benefit Riders Cover Three Types of Illnesses
- Terminal Illness – provides for the payment of an accelerated benefit if an eligible insured has an illness or chronic condition that is expected to result in Death Within 24 Months.3
- Critical Illness – provides for the payment of an accelerated benefit if an eligible insured experiences a critical illness. Covered critical illness includes 16 Different Illnesses (13 in California). Not available in New York.
- Chronic Illness – provides for the payment of an accelerated benefit if an eligible insured is unable to perform two out of six activities of daily living (2 of 6 ADLs) or experiences severe cognitive impairment.
Available On the Following Products:
- Signature Guaranteed Universal Life
- Signature Guaranteed Universal Life - NY
- Signature Indexed Universal Life
- Signature Indexed Universal Life - NY
- Signature Term Life
- Signature Term Life - NY
- Signature Plus Indexed Universal Life
- Signature Plus Indexed Universal Life - NY
- ANICO Executive Universal Life Series (including TE, IV)
- Executive Universal Life Series (including TE, IV) - NY
- Signature Whole Life