Asked by Ambar  |  Submitted August 08, 2016

Is there any type of life insurance that covers in case I get sick, rather than if I die?

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  Answers  |  1

August 08, 2016

Yes - but it is life insurance first. With riders added, you can have coverage for Long Term Care, Critical Illness, Terminal Illness, etc. What happens within the policy is that the death benefit becomes (by contract) a living benefit and pays down as time passes for the cost of the specific ailment. In the case of Long Term Care, for instance, my John Hancock life policy pays 2% of the face amount (death benefit) towards the cost of care should I trigger two activities of daily living (for example, can't, without assistance, get around or clothe myself). For something terminal, I get a lump sum before I die, and any remainder is left as death benefit for my beneficiary. Call me at the number on my profile and I can help adjust any of this info to your specific situation and concerns.


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