Living Benefits: The Smartphones of Life Insurance
Summary
TLDRThe video script highlights the evolution of life insurance, drawing a parallel with the transformation of the telephone from a simple communication device to a multifunctional gadget. It emphasizes that life insurance has similarly evolved to meet modern needs, introducing 'living benefits' policies. These are likened to smartphones in the insurance world, offering accelerated access to the death benefit in the event of a critical, chronic, or terminal illness. The script argues that these policies can prevent financial ruin due to medical expenses and are available at the same cost as traditional life insurance, urging viewers to consider upgrading their coverage.
Takeaways
- 📞 Alexander Graham Bell invented the telephone in 1876 with the primary purpose of making phone calls.
- 📱 Modern phones have evolved to serve multiple functions beyond just making calls, such as texting, calculating, reading, planning, navigating, taking photos, playing music, browsing the internet, trading stocks, and even acting as flashlights.
- 🔧 Similar to phones, life insurance has also evolved over time to meet changing needs.
- 🗓️ Life insurance was originally designed in the 1600s to financially protect loved ones after the policyholder's death.
- 💊 With medical advancements, critical illnesses like heart attacks, strokes, or cancer are no longer inevitably fatal, with a 90% survival rate for heart attacks.
- 🛡️ New life insurance policies now include living benefits, akin to the 'smartphones' of life insurance, offering more than just a death benefit.
- 🚑 Living benefits allow for the acceleration of the death benefit in the event of a critical, chronic, or terminal illness, providing financial support while the policyholder is still alive.
- 💰 These benefits can help prevent financial ruin by covering increased expenses and reduced income during critical illness, often at the same cost as traditional life insurance.
- 📈 A critical illness can lead to increased expenses and decreased income, potentially leading to debt and bankruptcy; 60% of US bankruptcies are due to critical illness and medical expenses.
- 🏥 Policyholders with living benefits can opt to accelerate a portion of their death benefit to replace lost income and cover additional expenses, improving their quality of life post-illness.
- 🆕 The video suggests considering an upgrade from traditional life insurance to policies with built-in living benefits for comprehensive family protection.
Q & A
What was the original purpose of the telephone when it was invented by Alexander Graham Bell?
-The original purpose of the telephone was to make phone calls.
How have modern phones evolved from their initial design?
-Modern phones have evolved to include features such as text messaging, calculators, books, planners, navigators, cameras, music players, internet browsers, and stock trading, in addition to making phone calls.
What is the main purpose of life insurance as it was invented in the 1600s?
-The main purpose of life insurance was to financially protect your loved ones when your life is over.
How has life insurance evolved with modern advancements in medicine?
-Life insurance has evolved to include living benefits, which allow policies to provide financial support not just after death, but also in the event of a critical, chronic, or terminal illness.
What does a living benefits policy in life insurance entail?
-A living benefits policy allows the acceleration of the death benefit if the policyholder suffers a critical, chronic, or terminal illness, providing financial support while they are still alive.
Why are living benefits policies considered the 'smartphones' of life insurance?
-Living benefits policies are considered the 'smartphones' of life insurance because, like smartphones, they offer a range of additional features and benefits that go beyond their original purpose.
How do living benefits policies help in managing financial challenges during critical illnesses?
-Living benefits policies help by providing the option to accelerate a portion of the death benefit to replace lost income and cover increased expenses due to critical, chronic, or terminal illnesses.
What is the financial impact of critical illnesses on individuals in the United States?
-Critical illnesses can lead to increased expenses and decreased income, resulting in debt accumulation. In fact, 60% of all bankruptcies in the US are a direct result of critical illnesses and the medical expenses that follow.
How do living benefits help prevent financial hardship during critical illnesses?
-Living benefits can prevent financial hardship by providing funds to replace lost income and help with additional expenses, thus avoiding the debt trap that many face due to critical illnesses.
Do living benefits policies come at an extra cost to the consumer?
-No, living benefits policies come at no extra cost to the consumer, offering additional protection without increasing the price of the life insurance.
What is the suggestion for those who may still be using traditional life insurance policies without living benefits?
-The suggestion is to consider upgrading to a new evolved life insurance policy with built-in living benefits to provide more comprehensive protection for both life and critical illness scenarios.
Outlines
📱 Evolution of Phones and Life Insurance
The script begins by highlighting the evolution of the telephone since its invention by Alexander Graham Bell in 1876. Initially designed for making calls, modern phones have transformed into multifunctional devices used for texting, calculating, reading, planning, navigating, taking photos, playing music, browsing the internet, trading stocks, and even as flashlights. This transformation is likened to the evolution of life insurance, which was invented in the 1600s with the sole purpose of financially protecting loved ones after the policyholder's death. Just as phones have adapted to include more features, life insurance has evolved to meet new needs, particularly with the advent of modern medicine that has increased survival rates from critical illnesses.
🛡️ Introduction to Living Benefits Policies
The script introduces 'living benefits' life insurance policies as the 'smartphones' of the insurance world. These policies offer the traditional death benefit but also allow for the acceleration of this benefit in the event of a critical, chronic, or terminal illness. This feature can provide financial relief by enabling policyholders to access funds while still alive, potentially at the same cost as traditional life insurance. The benefits aim to protect the policyholder, their loved ones, and their financial stability, both in the event of death and in the face of critical illness.
💸 Financial Impact of Critical Illness
The script discusses the financial implications of suffering from a critical or chronic illness, noting that such events typically lead to increased expenses and decreased income. This imbalance can result in debt accumulation, a situation that many Americans face daily. It is revealed that 60% of all bankruptcies in the US are directly linked to critical illnesses and the subsequent medical costs. Living benefits policies offer a solution by allowing policyholders to accelerate a portion of their death benefit to replace lost income and cover additional expenses, thus preventing financial ruin.
🏆 The Advantages of Living Benefits
The script emphasizes the advantages of living benefits, which not only help policyholders survive critical illnesses but also enable them to maintain a quality of life afterward. Crucially, these benefits are offered at no additional cost to the consumer. The narrative challenges the audience to consider whether their current life insurance policy is equipped with these modern living benefits or if it is an outdated 'rotary phone' equivalent. It encourages viewers to contact the person who shared the video to learn how they can upgrade their coverage to include living benefits.
Mindmap
Keywords
💡Telephone
💡Evolution
💡Life Insurance
💡Living Benefits
💡Critical Illness
💡Survival Rates
💡Financial Life
💡Debt
💡Bankruptcies
💡Traditional Coverage
💡Upgrade
Highlights
Alexander Graham Bell invented the telephone in 1876 for making phone calls.
Modern phones serve multiple purposes beyond just making calls.
Life insurance has evolved similarly to meet new needs.
Life insurance was originally designed to financially protect loved ones after death.
Advancements in medicine have changed the landscape of critical illnesses.
90% of people who suffer a heart attack now survive.
New life insurance policies offer living benefits.
Living benefits policies are like smartphones of life insurance.
Policies can accelerate the death benefit for critical, chronic, or terminal illnesses.
Living benefits unlock new ways to use your policy while you're still living.
These benefits often come at the same price as traditional life insurance.
Living benefits protect you financially in case of critical or chronic illness.
Critical illness leads to increased expenses and decreased income.
60% of US bankruptcies are due to critical illness and medical expenses.
Policy holders can accelerate a portion of their death benefit to replace income and cover expenses.
Living benefits ensure not just survival, but a life after illness.
These benefits are provided at no extra cost to the consumer.
Consider upgrading to life insurance with built-in living benefits.
Transcripts
(upbeat music)
- [Narrator] When Alexander Graham Bell invented
the telephone in 1876, he designed it to do one thing,
make phone calls.
- Hello.
- [Narrator] These days, it seems we use our phones
for everything but phone calls.
Today's phones are our text messengers, calculators,
books, planners, navigators,
our cameras, music players, internet browser,
stock traders, even our flashlights.
Phones evolved to include so many other useful features
because we needed them to,
yet we still just call them phones.
This same evolution by necessity has happened
with other products over the years,
and life insurance is no exception.
When life insurance was invented way back in the 1600s,
it was also designed to do one thing,
to financially protect your loved ones
when your life is over, and like phones,
life insurance evolved because we needed it to.
With modern advancements in medicine,
suffering a critical illness like a heart attack, stroke,
or cancer diagnosis no longer necessarily means death,
in fact 90% of people who suffer a heart attack these days
survive that event.
That's where the new evolved
kind of life insurance policy comes in,
one that adds living benefits.
Living benefits policies are essentially the smart phones
of life insurance.
They allow your life insurance policy to not just be
a parting gift, but also provide the ability
to accelerate the death benefit if you suffer a critical,
chronic, or terminal illness.
This ability can help save your financial life
by unlocking a whole new list of ways to use your policy
while you're still living,
and oftentimes it does all of this at the same price
as the old kind of life insurance.
Living benefits protect you, your loved ones,
and your wallet,
not only in case you die, but also in case you don't.
Two things always happen when you suffer a critical
or chronic illness, your expenses go up
and your income goes down.
When your expenses get higher than your income,
that's when debt begins to pile up.
This is the exact trap that so many Americans
are falling into every single day.
In fact, 60% of all bankruptcies that occur in the US
are the direct result of a critical illness
and the medical expenses that follow.
With living benefits, the policy holder has the option
to accelerate a portion of their death benefit,
to replace their income,
and help with those added expenses.
These benefits are the difference between just surviving
the illness and having a life afterwards.
And the best part is, they come at no extra cost
to the consumer.
So, what kind of life insurance is protecting your family?
Your granddad's traditionally death benefit only coverage?
- I don't know if I'm hearing anything.
- [Narrator] Or the new evolved life insurance with built in
living benefits.
If you're still using the rotary phone of life insurance,
maybe it's time for an upgrade.
Contact the person that shared this video with you
to find out how you can add
living benefits to your coverage.
Ver Más Videos Relacionados
Derick's Chubb Life story
Family Secure
आपकी गरीबी बस एक Medical Emergency दूर है ? | Health Insurance | Rahul Malodia
How to accumulate 2x wealth with a small twist | CA Rachana Ranade
Business Services | Chapter 4 | Business Studies | Class 11 | Part 2
Everyone Over 70 To Be Covered Under Health Insurance Scheme | Ayushman Bharat | StudyIQ
5.0 / 5 (0 votes)