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Life is sometimes so unpredictable that it takes years to realize how important savings could be. Indeed, life insurance is an option, as it creates ease for the people who are left behind after the death of the insurer. This is one great advantage of having life insurance, but what if the insurer is in a critical position, and requires funds for the treatment, or to pay college fees of his or her children?

Of course, if that is the case, then the life insurance won’t be much of a help if it includes basic terms, but ‘Living Needs Insurance’ policy would be. So, here is prudential living needs benefit rider to make sure you and your loved ones never miss the opportunity to live in peace.

What is Prudential Living Benefits or Living Needs Insurance?

happy with benefitsIf you are more interested in buying a policy that could serve you while you are still playing your part in this world, then the living benefits plan by ‘Prudential Financial’ insurance company is what you need.

No wonder, this insurance organization has been taking care of countless US residents, who seek to live a comfortable life, and strongly being backed by an advantageous insurance policy.

Basically, the whole idea of living benefits is connected with Life Insurance. You can consider it as a part, or a sub-category of a life insurance plan that you are asked to choose from.

Still not sure what this is all about? Relax! Just carry on reading.

Is Living Benefits A Different Kind of Insurance Policy?

The answer is NO!

If you go in-depth, you will find that life insurance comes with several special terms. However, the most essential and prominent are:

  • Death Benefit
  • Living Benefits

Let’s understand how the living benefits policy is different from the death benefit.

If you opt for death benefit when buying life insurance, you actually sign the contract which states that all the amount will be delivered to your loved ones or beneficiaries upon your demise. This means that once you are left with no breath, the insurance company will pay the agreed amount to your family members, which could be used for different purposes, such as funeral services, or unpaid loans, etc.

On the contrary, if you select living benefits as your life insurance terms, then it means you have opted for easy access to the amount while you are still living. In other words, all the benefits and perks in living benefits can be enjoyed before you are dead.

That’s why it’s called the ‘Living Needs Benefit’ insurance.

Living Needs Benefit vs Living Benefit Rider

both are differentLiving needs benefits and living benefits riders are often used interchangeably. Nevertheless, both terms are different.

So if you opt for ‘rider’ policy, then you will be calling for an advance payment from your life insurance plan based on death benefit terms.

For instance, as an insurer, your family is expected to receive $1 million upon your death, so through the rider policy, you can request for advance payment from that fixed amount to be used for limited reasons, such as paying for the adult daycare and other health needs.

However, it is something more unrestricted when it is about using the payment. For example, you can request for advance payment for a series of reasons, like paying for the college fees, buying necessary health equipment, and many more. This means that you are not confined to use a limited number of reasons.

As a matter of fact, you have open doors to spend the money on important circumstances, which really need to be taken care of without delays.

Note: There are more companies that are offering this kind of policy. Read our post on Transamerica living benefits and Mutual of Omaha living promise.

How Prudential Living Needs Benefit Plan is Helpful?

the plan is helpfulYou will be amazed to see that after choosing the living benefit plan from Prudential Insurance company, there are so many great advantages, which you can enjoy. So, have a look at them.

1. Growth in Investment

Passive income is always a good idea to spend your life without worries. When you know that at the end of the tenure, you will get an amount that will help you run your kitchen and other things, then for sure, you will live your days with relief.

Sometimes, your life insurance policy allows you to invest and you get markup on an annual basis. However, these numbers are static, so there are no expectations of growth.

On selecting the living needs with your life insurance, you allow yourself to relish a great return on investment. So for instance, in the normal policy, you would have been restricted to an 8% return, so if you go for living needs, then the percentage would increase. And the best thing is that growth increases every year.

Therefore, it helps in contributing a handsome amount to your financial securities to ensure your financial goals are never disturbed.

2. Freedom

Unlike the rider policy, you are permitted to use your finances for several reasons. The company has no limitations for you if your plan is on living benefit terms.

So, here’s the freedom you can enjoy through living benefits:

Purchase a Home

Buying your own house is a wish that needs to be fulfilled with a lot of effort. But, it gets tricky to buy a house with the superabundance of responsibilities, especially when there is a rigorous budget.

But now, you don’t have to wait for your death so that your family members can receive the amount for purchasing a new home. It is one of the best things about the plan, as you can live for the rest of your life in your new home with your family members.

Ease of Investment

One of the fastest ways to have a stable income is by investing the capital in different businesses. Many people are with the same idea, but unfortunately, the shortage of the amount keeps them away from investing in businesses.

In a simple life insurance policy, you or the beneficiaries cannot claim for the payment in advance, even if there is a golden opportunity to invest in any business. But this plan, you can never lose any chance to invest in any private business, or even in any commercial property.

All you need to do is to contact the insurance company and tell them your plan about investing the money. Don’t worry, they won’t ruin your expectations.

Financial Emergency

One of the most depressing and stressful scenarios in life are the days when you are facing a shortage of finances. Of course! Such situations can break you emotionally. However, through the policy, you don’t have to count on someone to help you in some of your terrible financial times. You can always request for the payment from the company to eliminate your financial difficulties.

Happy Retirement

Retired people mostly live their lives in the lowest ebb, as their pension becomes insufficient to help them meet their day-to-day necessities. So, if you are still not retired, make sure to add living benefits to your existing insurance plan. It will not only help you meet the ends, but you will also be able to live your life to the fullest.

No Boundaries on Healthcare

Over time, medicines, healthcare services, and other required instruments for health are getting expensive. Apart from the core reasons for such a rise in their prices, the main area to focus on is the difficulty that people face when they are unable to buy life-saving supplies.

And sadly, the main purpose of a reduced buying power is lack of finances. Despite the US has several medical facilities for those who cannot afford it on their own, but such services may not provide the ideal treatment. But, you don’t have to sacrifice your life just because you don’t have enough money to get good treatment. And this is only possible through the living needs benefit plan.

You can use the money for purchasing expensive medicines, paying for hospital bills and other health-related services without having a second thought in your mind.

Paying Education Expense

Education is one of the important factors, which create a competitive advantage among the people. And indeed! The future calls for educated personalities to become a part of great organizations. This means that the better the education, the more chances of your children to live a happy life with financial stability.

But you don’t want to see your children leaving their dreams, just because you can’t afford the expenses. However, paying for school, college or university fees is no problem when you have living benefits added to your life insurance plan.

You can always support your children by providing them high-quality education to secure their future.

Last Words

Why wait for the final moments, when you are paid through your life insurance plan to overcome the hurdles while living you are still breathing. You are always safe when you have a brilliant backup plan. And what could be more authentic than having a living needs benefit policy to serve all your requirements?