“It’s not more expensive coverage – it’s more expansive coverage for today’s modern world.”
That’s part of the messaging behind the 2nd annual “Living Benefits Awareness Month” campaign launched this month by the Alliance Group. The industry-wide campaign, which takes place each January, aims to educate consumers on the importance of owning living benefits life insurance and the role it plays in protecting families’ financial security.
“If you’re among the vast majority of Americans who have never heard of living benefits, we created Living Benefits Awareness Month just for you,” said Lee Duncan, VP and CMO of Lawrenceville, Ga.-based Alliance Group, an agency specializing in living benefits.
Living benefits life insurance works exactly the same way the “old kind” of life insurance does by paying a death benefit to an insured party’s family if they pass away – but it also adds crucial payout triggers that put money in clients’ hands if they suffer and survive a serious illness or injury. These living benefits features carry the power to save families from financial disaster – and according to Alliance Group come at no extra cost.
As the rates of critical illnesses and the costs for treatment continue to rise, more financial protection is needed for today’s families to safeguard against financial disaster. The Alliance Group notes that 60% of the bankruptcies in the U.S. are directly tied to the uncovered medical expenses that follow a critical illness such as heart attack, stroke, and cancer. Eighty percent of those bankrupted patients were covered with health insurance. Many clients have a false sense of security regarding what their health insurance will cover in the case of an illness; others don’t know that living benefits exist to help them bridge that gap. This is why Alliance Group felt the need to create the awareness campaign, aiming to inform and educate Americans about these unforeseen risks and how they can be mitigated.
Living benefits allow the policyholder to accelerate funds from their life insurance policy’s death benefit in the case of a critical, chronic, or terminal illness. This feature allows them to bridge the gap that health insurance does not cover, and protects them from the epidemic of medical bankruptcy that has become so commonplace in America today.
Living Benefits Awareness Month (LBAM Website) provides an opportunity for consumers to learn the power of living benefits, and to take stock of their life insurance needs as a whole.
“We at Alliance created Living Benefits Awareness Month in order to continue our crusade – making everyone aware of the new kind of life insurance. Living benefits are the benefits you don’t have to die to use,” says Duncan. “I urge everyone to take a few minutes out of their busy schedules this month to make sure they have adequate life insurance protection – ideally, with living benefits.”
According to Duncan, consumers can get a better idea of what LBAM is all about by visiting the website geared towards educating the general public on living benefits. The address for the site is http://www.lbawarenessmonth.com.