American General Quality of Life Review
America General Quality of Life product is a specialty product only sold by a small selection of Brokers through American Generals Nashville office.
The American General Quality of Life Policy is a very unique Life Insurance product. Which serves multiple functions such as providing a conventional death benefit as well as accelerated cash options in case of a illness or traumatic event. It does this with the use of it’s three helpful riders. One is a Chronic Illness Rider, the other is a Critical Illness Rider, and the final one is a Terminal Illness Rider.
Where this Policy truly shines is in its ability to pay you and your family cash benefits before death. So for example you have had a heart attack or a stroke of kidney failure, to name a few. You can file a claim to get the money to help or completely pay for these incidents. This policy can also act as an income replacement for months or even years of downtime due to some unforeseen event.
Watch the video below to see how American Generals Quality of Life policy saved this man’s family.
Description of America General Quality of Life Chronic Illness Rider.
The Chronic Illness Rider is one of the automatic, no-cost features that is included to QoL product portfolio. To receive a benefit, you would have to be diagnosed with a “chronic illness” by a licensed health care practitioner within the past year. Every 12 months, your diagnosis would need to be reevaluated to continue receiving benefits.
A chronic illness is classified as an illness that would impair normal daily living, making it difficult to care for yourself without extra help and cost. A chronic illness could get in the way of performing the “Activities of Daily Living,” which includes bathing, dressing, toileting, transferring, continence, and eating. If you are struggling with two of these ADL’s, you may qualify to receive an advance on your death benefit with the Chronic Illness Rider.
You can file a claim to accelerate your death benefit and receive either a lump-sum payment or periodic payments over a selected amount of time.
As with the other options in the Accelerated Death Benefit Rider, these advanced benefits would reduce your death benefit, potentially leaving nothing to be paid on your death. For many people struggling with a chronic illness, the benefit can greatly help reduce the cost of care.
A Description of America General Quality of Life Critical Illness Rider.
A critical illness can happen suddenly and can leave behind devastating financial costs. With the current rising healthcare costs that has been going on for many years, for most to be able to afford have health insurance, a lot of people or going with higher deductible medical insurance just to be able to afford health insurance. In the event of a catastrophic event the Critical Illness Rider can help reduce these financial effects by advancing a portion of the death benefit to help cover costs related to a number of illnesses or conditions. Some of these conditions include heart attack, stroke, paralysis, invasive cancer, or coma.
There is a 30-day waiting period before the benefit is available. The value of the benefit is based on the expected future mortality. If your life expectancy is not significantly impacted by this critical illness, you may not receive an accelerated death benefit. Like the Chronic Illness Rider, the benefits you receive would diminish your death benefit.
A Description of America General Quality of Life Terminal Illness Rider.
This rider provides you with a benefit after you’ve been diagnosed with a terminal illness. A terminal illness is defined as an illness that would likely result in death within 24 months, as diagnosed by a doctor. The payment you receive would be a lump-sum payment and could be either a full or partial amount of the death benefit.Any of these benefits may impact your eligibility for Medicaid and Supplemental Security Income (SSI). Benefits may be taxable, and you should check with your tax advisor to learn more about how your policy values will be reduced.
America General Quality of Life Flexible Features
The QoL product allows you to customize your policy to meet your specific needs. In addition to the Accelerated Benefit Rider, you could add three additional features: an accidental death benefit, a child rider, and a waiver of premium. These features are customizable additions that could help you prepare for you or your family’s future.With the Accidental Death Benefit, your beneficiaries would receive a higher benefit payment if you were to die from accidental injuries. The Child Rider would pay a death benefit to the insured parent on the death of an insured child under the age of 25.
The Waiver of Premium feature would cease the obligation to pay the premium for the base policy and additional riders if you become disabled before the age of 65. Each of these features are available in addition to the Accelerated Benefit Rider, allowing you to specifically tailor your life insurance policy.You can customize other features of the QoL policy as well. Both the amount of the benefit and the duration of time it will be paid are adjustable to your needs. This level of customization means you won’t be paying for insurance you don’t need. The QoL product series hopes to help you while you are still living, and help your loved ones after you’re gone, as a traditional life insurance policy would.
How American General Quality of Life Products Could Help You and Your Family.
With the accelerated death benefit, American General Quality of Life products could help you in several circumstances while you are still living. If you are a single parent, this policy could help your child afford to go to college, while also paying down your medical bills. Additionally, it could be used to protect your home and other assets from the rising costs of health care. You could use the customizable duration to match the remaining years on your house mortgage, or the accelerated benefits could be used as guarantee that you would have enough money to pay your mortgage.
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If you have any further questions about American General’s Quality of Life policies, feel free to reach out. You can also read more about your other options at MassMutual CareChoice One, or One America Asset Care.
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