To say financial products have changed during the past three decades would be an understatement. Today’s life insurance and annuities would be unrecognizable to someone selling or purchasing the products 30 years ago.
The addition of leading-edge components, riders and benefits have revolutionized the way we think, talk about and purchase financial products. Accelerated Benefits Riders,1 for example, can offer a lifeline to people facing a medical crisis and trying to keep their heads above a sea of bills.
Depending on the product, these “Living Benefits” can provide policy owners facing a terminal, critical or chronic illness, or critical injury with early access to their death benefits. This may help them avoid the financial disaster that often accompanies a medical crisis. The funds can be used for anything – to pay the mortgage or car loan, buy groceries, purchase costly prescriptions, and much more. Without having to worry about finances, policy owners can focus on what matters most – getter better.
First Financial Security Area Marketing Directors Saung Tun and Van Par found out firsthand what owning a policy with Living Benefits could do.
A few short years ago, life was good for Saung and Van. Their FFS business was taking off. They had a beautiful, young daughter, and Van had just learned she was expecting their second child.
Even though her doctor reassured her that the pregnancy was advancing well, Van felt something was wrong. Little did she know that something was very wrong, but it wasn’t with the pregnancy. It was with Van herself. She was diagnosed with breast cancer.
Saung and Van were devastated by the diagnosis and unsure about the future. But they had one thing in their corner – a life insurance policy with Accelerated Benefits Riders (ABRs) that provided Living Benefits.
Saung and Van graciously agreed to tell their story in hopes it would help others to be prepared for the unexpected. Here, in their own words, is their story of survival – medically and financially – with the help of Living Benefits.
1Living Benefits are available through Accelerated Benefits Riders (ABRs) that may be added to a suitable life insurance policy. You may pay a charge to add these supplemental benefits to your policy, and it may increase the premium you pay. ABRs may not be available on all products or in all states.
Use of ABRs will reduce the cash value and death benefit payable under the policy.
Funds from Accelerated Benefits riders may be subject to taxation. Consult your tax advisor or attorney to determine if you will need to pay taxes on the benefits you received, and if you do, how much. First Financial Services, Inc. does not offer legal or tax advice. Please consult a professional in that field.
Receiving funds through living benefits may affect your eligibility for public assistance programs. Be sure to check with social services agencies to see how receiving these benefits will affect your status.