Chronic and Critical Illness Explained

What Is the Chronic and Critical Illness Rider?

What I'd like to tell you about it is that the chronic and critical illness writer lets you pull out up to 80% of your death benefit, your life insurance death benefit, while you're still alive.

And it, when you buy a policy, when you purchase a policy, you can have this put on your policy at no cost. And if you can't perform two of six activities of daily living on the good policies, they will literally let you pull up to 80% of your death benefit out to take care of nursing home, home health care, whatever the case is.



So it's an amazing benefits. It's a no cost benefit. And most people not only don't have it on their life insurance policy, they don't even know about it.

The chronic and critical illness writer.

Not All Riders Are the Same

They aren't all the same. Some of them require additional things to qualify. Some of them don't pay out as many benefits. There's just all kinds of variations.

Is there anything else people need to know about chronic and a critical illness writer that you've not touched on previously?

Yeah, they're not all the same. Okay, every company has a different version of who it applies, what age it applies, what triggers it. And so you have to be careful that you get the one that's best for you.

Some companies, I mean, if you're a certain age, you can't get it. They might offer it up to age 65. Some companies, if you're in certain states, they might say, okay, well, in addition to the two activities of daily living, we're going to require one of them to be permanent.



So, um, you gotta be careful. It's not just a broad cookie cutter across the board. I mean, it depends on the company and how they offer that.

Why This Rider Is So Powerful

You can get it added on at any age that you can write the policy, and it adds on and it lasts for the entire life of the policy with the companies that have them like that.

And I think that I'm excited about, now I'm excited about a life insurance policy that has that chronic and critical illness rider, because now you don't have to die to get your life insurance, for your beneficiaries to get it.

You literally, if you buy half a million dollar policy, you can have $400,000 of that money funneled out to you to pay for nursing home, home healthcare, whatever the case is.



Let's say family members are taking care of you. You know, you have a stroke and you have to stay at your son's house. You can pay your son. You can use it to pay whatever you want.

Options. Flexibility. Control.

So it literally is gives you options. It gives you options. It's revolutionized life insurance. And I mean, I hope we have them for a long time to come.

But, you know, in the past, every time I see something really good, it usually doesn't last that long. So right now we have them.



I think anybody that is buying life insurance should get one and put in their policy and it'll be there forever, even if down the road the companies go, man, that was just too good to be true. We're not going to offer that anymore.