As breast cancer awareness month approaches, it brings to our attention the severe impact of facing the reality of being diagnosed with a major illness. But what about receiving the diagnosis before the age of 50? Or even 40? What if you are battling cancer in your 30s, and the treatments make it hard for you to continue working at your job each day?
Will your family stay afloat without your income? If you survive the cancer, can you survive the financial loss brought on by the medical expenses or lost work time?
No one can predict the future, but the right life insurance policy can go a long way to help eliminate the financial burden. Just be sure you know whom to turn to and the correct questions to ask when sizing up all the options for life insurance.
Shannon Severn is a managing representative with Transamerica Agency Network and says a product called a living benefit will help ease your mind of some of that financial stress and worry.
“At Transamerica, we have two products with living benefits, a term policy and an indexed universal life policy. The term policy can go up to 30 years, which is a more affordable option,” Severn says. “With most life insurance policies, you pass away and leave the death benefit to a beneficiary, but not with this policy.
“Let’s say you experience a qualifying chronic, critical or terminal illness. Transamerica may advance you a portion of your death benefit up to 90 percent. If you have a $250,000 death benefit term policy with a living benefit, and are advanced $50,000, you would have the peace of mind in knowing that the death benefit of $200,000 still remains.”
According to the American Cancer Society’s data published in CA: A Cancer Journal for Clinicians, the number of cancer diagnoses in 2017 is projected to be over 4,600 per day. However, knowing your loved ones are covered may improve recovery, as research such as the survey the Association of Oncology Social Work conducted in 2009 shows.
Schedule your appointment by calling 810-515-5855 or emailing [email protected], and Severn can educate you on the current options and analyze your current situation. Her office is at 4444 W. Bristol Road, Suite 330, Flint.
