Burial Insurance & Home Care Coverage In One Policy!
Getting burial insurance and final expense coverage is a lot easier today than it was several years ago.
Today, there are dozens of companies available offering valuable coverage despite your health history.
Nevertheless, with so many options available, how can you determine which is the right option for you?
Well today, there is a policy that will not only provide you with burial insurance coverage for final expenses, but it also provides access to coverage if you become chronically ill.
That’s right, now you can get coverage for Final Expenses & Home Care in one insurance policy!
The name of the policy is Home Life Secure, a product of Guarantee Trust Life Insurance Company.
Home Life Secure offers burial insurance coverage for final expenses with the option to receive home care benefits. Those living benefits are provided if you become chronically ill.
So what exactly does it mean when you become chronically ill?
Well, a chronically ill person is someone unable to do at least two out of six activities of daily living such as:
- Transferring in and out of bed &
These are folks who generally need some type of home health care as they are unable to perform these activities without the help of a personal caregiver.
Someone can also be considered chronically ill if they need to be supervised to protect their health and safety because they have a cognitive impairment such as Alzheimer’s or Dementia.
Now I believe many of us know someone directly or indirectly who became chronically ill due to a stroke, Dementia, parkinson’s disease, etc.
As a matter of fact, approximately 70% of people turning age 65 can expect to receive some form of long-term care during their lives. This is according to the U.S. Department of Health and Human Services.
That being said, if we are living longer and some of us may need assistance with our activities of daily living as we age, why not get a burial insurance that provides coverage for care?
Therefore, consider Home Life Secure today! Get a burial insurance policy that provides both final expense coverage and coverage for home care today!
Now let’s discuss how Home Life Secure works.
How Does Home Life Secure Work?
2-Year Graded Death Benefit
Home Life Secure is a simple and easy to understand product. Home Life Secure provides burial insurance coverage to cover final expenses and living benefits in the event you become chronically ill.
Now Home Life Secure has an expected acceptance rate of 85%-90%. That means there is a high expectancy that folks who apply for a policy will be accepted for coverage.
In order to have such a high expected acceptance rate, Home Life Secure is offered as a 2 year graded death benefit policy.
Now a 2-year graded death benefit policy is a policy that does not pay 100% of the death benefit in the first two years unless death occurs by an accident.
So what happens if you pass away by health related causes in the first two years?
Well, if a health related death occurs in the first year of the policy, you will receive the 150% return of premium paid in the first year.
If a health related death occurs in the second year, you will get 50% of the face amount or death benefit.
In year 3 and onward, you will receive 100% of the face amount or death benefit.
Now the policy was designed this way for two reasons:
- It allows for affordable premiums &
- This policy design offers coverage to individuals who may have health issues or cannot receive coverage otherwise.
Home Life Secure is also guaranteed renewable and rates are fixed for the life of the policy so long as you keep the policy. You will never have to worry about rate increases on your premium as long as the policy remains in-force and your premiums are paid.
Now let’s talk about one of the policies most exciting features, the living benefits for chronic illness.
Home Care Coverage – Chronic Illness Living Benefits (Accelerated Benefits)
Besides the death benefit, this policy can offer two types of living benefits (also called accelerated benefits). These benefits are the chronic illness benefit and the terminal illness benefit.
Let’s discuss the chronic illness benefit in detail.
Now once again, chronic illness is a physical or cognitive impairment expected to last 90 days or more. Such impairments result in an inability to perform 2 or more activities of daily living without the help of a personal caregiver.
In addition, a cognitive impairment may require the need for supervision to protect the health and safety of the impaired.
Now with Home Life Secure, you can access or accelerate the death benefit of your burial insurance policy when you are chronically ill.
In such an event, you can either:
- Take a lump-sum distribution of your death benefit equal to 50% of the available death benefit OR
- You can take a monthly distribution of 1%-8% of the available death benefit.
So, for example, let’s say you choose option 1. If your death benefit is $50,000 and you become chronically ill, you can elect to have up to $25,000 (50% of your death benefit) distributed to you in a lump sum so you can use it for care!
On the other hand, you can elect a monthly distribution of up to 8% of the death benefit instead of the lump-sum death distribution. You’re even allowed change the monthly distribution amount up to one time as your needs require.
Therefore, Home Life Secure offers you the needed flexibility to access the death benefit of your policy and use it for care if you become chronically ill.
In addition to all of this, Home Life Secure policies offer access to a service called “Welthy.” Welthy offers care coordination services if you are chronically ill. You will also enjoy a 15% discount on monthly care coordination services to support you and your loved ones that may be caring for you as age at home.
Not to mention, if you qualify for an accelerated distribution of benefits due to chronic illness, your premiums are waived!
So, with Home Life Secure, if you become chronically ill, you have options!
Now in keep in mind, in order to receive chronic illness benefits, there is a waiting period of 90 calendar days before your accelerated benefits will begin.
Also, all accelerated benefits (both chronic illness and terminal illness benefits) are capped at 90% of the available death benefit.
This was designed to preserve 10% of the face amount to serve as a residual benefit for the beneficiaries, basically to help cover funeral expenses, burial costs, etc.
Now let’s take a look at the the Terminal Illness Living Benefit.
Terminal Illness Living Benefits (Accelerated Benefits)
Home Life Secure also offers terminal illness benefits. Home Life Secure accelerates the death benefit if you have a life expectancy of 24 months or less. In this situation you can receive 25%, 50%, or 75% of the available death benefit.
If you initially accelerate 25% or 50% of the available death benefit, you can make a second or third election to ultimately accelerate the death benefit up to 75%.
As with the chronic illness living benefits, if you qualify for an accelerated distribution due to terminal illness premiums are waived.
Again, all accelerated benefits are capped at 90% of the available death benefit to leave a 10% residual benefit for your beneficiaries.
Home Life Secure Premiums & Pricing
Home Life Secure offers coverage starting at $10,000 and goes all the way up to $150,000.
Here is what premiums and rates look like for a $10,000 Home Life Secure policy:
|Age||Female Rates (Non-Smoker)||Male Rates (Non-Smoker)|
Discount For Couples Available!
If you and your spouse are interested in getting this affordable burial insurance with available chronic illness coverage, you can get it at a special discount!
That’s right, you can make this already affordable coverage even less expensive by applying with your spouse!
There is a 10% spousal discount if both spouses apply for the policy at the same time!
Home Life Secure Application Process
The Home Life Secure application process is simple and easy.
You simply answer 6 “yes or no” eligibility questions and wait to hear back your results. That’s right, only 6 eligibility questions to answer and that’s it.
There is no need for a medical examine or blood and urine sample.
This is a simplified underwriting policy. You simply answer the 6 health questions. Along with the health questions, there is a prescription background check and a possible phone interview to verify your information.
Once those are completed and everything is in good order, it will take 1-3 business days to see if you are approved. That’s it! The application process is that simple!
Who is This Policy Right For You?
This policy is right for anyone who is looking for burial insurance coverage AND
- Likes the added benefit of chronic illness coverage in case they need it
- Wants all of this at a low affordable rate
- Enjoys the special 10% discount given to spouses that apply together.
Therefore, if this is not you and you only want burial insurance or you are looking for long-term care insurance do not consider Home Life Secure.
Home Life Secure is intended for those who want the peace of mind that they can cover their final expenses while having the option to receive home care if needed .
This policy offers multiple advantages and is practically unlike any final expense or burial insurance coverage policy on the market today!
Get Free Quotes Today!
To get a free Home Life Secure quote and to apply for a policy, give me a call at (800) 498-3955 or schedule a call below.
I look forward to speaking with you!