Berlin & Denys Insurance
  • Home
  • Quotes
  • Service
  • About
    • About Us
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
    • Accessibility Statement
    • Newsletter Signup
    • Non-discrimination Policy
    • Privacy Notice
    • Blog
  • Contact
  • Careers
  • Our Team

Berlin & Denys Insurance Blog

Advantages of Having an Accelerated Benefit Policy

2/24/2020

1 Comment

 
Picture
​Accelerated benefit riders offer several protection types to policyholders in a single-vehicle. Specific policies also include protection from nursing homes, chronic illnesses, and critical conditions.
Riders Permit Owner's Control
Riders that have accelerated benefits have offered owners control of their insurance plans. According to the CEO of Kestler Financial Group, Jason Kestler, “clients are now able to start or stop a stream of income from their policies when they have a qualifying need, and many riders also provide a cost-of-living adjustment to keep up with inflation.”

Consumers are currently purchasing insurance plans for a single-vehicle because of market demographics, quality financial education, and the spike of healthcare expenses and needs.

What Are Accelerated Benefit Riders?
Accelerated benefit riders have similar factors of the old viatical settlements that were used by policyholders with terminal illnesses, which were used to raise funds to pay for their medical expenses. Policyholders would then allow third-party agreements to purchase their policies for a certain percentage. The beneficiary of the policyholder would then be the settlement company. The company collects the death benefit after the demise of the policyholder.

Payment of Benefits
Some cases allow policyholders the choice of how they are paid the benefits. They may either have an installment of periodic payments or receive a sum by cash. This may depend on the type of interest and claim, but any death benefit and cash value that remains is still entitled to them. Similar to the other insurance forms, accelerated benefits are payable via an indemnity basis or reimbursements.

Additional vs. No-Cost Riders
Although some riders are directly built into the policy, others are also redeemable by paying a little extra. There are “no-cost” riders that you can spend during claiming time, where the dollar beneficial amounts paid to policy owners are discounted by the insurance carrier. They are following formulas following mortality and interest rates, along with the cash value amount in the policy.

Critical Illness Riders
Critical illness riders have a higher expense of death benefit once diagnosed with severe illnesses. Some conditions that trigger a significant payout are:
  • Strokes
  • Heart attacks
  • Blindness
  • Major organ transplants

Purchasing accelerated benefit riders provide you with significant protection and coverage against several situations and incidences all in one package. You can ask your insurance agent for more additional information.

At Berlin & Denys Insurance, we do our best in making sure that our clients are well-protected with affordable and comprehensive policies. We make sure to go the extra mile to help you with your needs. To learn more about how we can help you, please contact our agency at (800) 946-3303 or Click Here to request a free quote.
1 Comment
Medicare in Pennsylvania link
5/3/2021 12:39:00 am

I blog frequently and I seriously thank you for your information. This article has really piqued my interest. I’m going to take a note of your site and keep checking for new information about once per week.

Reply



Leave a Reply.

    Contact Us

    (800) 946-3303​
    801 Magnolia Street
    New Smyrna Beach, FL 32168​
    Click Here to Email Us

    Archives

    August 2022
    July 2022
    June 2022
    May 2022
    June 2020
    May 2020
    April 2020
    March 2020
    February 2020
    January 2020
    December 2019
    November 2019
    October 2019
    September 2019
    August 2019
    July 2019
    June 2019
    May 2019
    April 2019
    March 2019
    February 2019
    January 2019
    December 2018
    November 2018
    October 2018
    September 2018
    August 2018
    July 2018
    June 2018
    May 2018
    April 2018
    March 2018

    Categories

    All
    Accelerated Benefit Policy
    Business Insurance
    Car Insurance
    FAQs
    Final Expense Insurance
    Financial
    Flood Insurance
    Health Insurance
    Home Insurance
    Insurance
    Life Insurance
    Local
    Medicare Supplement Insurance
    Safety
    Term Life Insurance

    RSS Feed

Navigation

Homepage
Policy Services
Insurance Products
Agency Referral Form
SAN Referral Form
SAN Referral Agreement 
Non-discrimination Policy
Privacy Notice
​Website Login


Follow us on social media

Contact us

New Smyrna Beach- Main Office
801 Magnolia Street
New Smyrna Beach, FL 32168

(800) 946-3303
Click here to email us
​See Other Locations
REVIEW US
website by Insurance Splash
  • Home
  • Quotes
  • Service
  • About
    • About Us
    • Refer a Friend
    • Insurance Carriers
    • Agency Photo Gallery
    • Accessibility Statement
    • Newsletter Signup
    • Non-discrimination Policy
    • Privacy Notice
    • Blog
  • Contact
  • Careers
  • Our Team