Jeffrey Manola is an experienced life insurance agent and the founder of Top Quote Life Insurance. His mission when he created Top Quote Life Insurance was to provide online consumers searching for life insurance with the absolute best quotes for term life insurance, permanent life insurance, no medical exam life insurance, and burial insurance. Not only does he strive to provide you with the ...

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Leslie Kasperowicz holds a BA in Social Sciences from the University of Winnipeg. She spent several years as a Farmers Insurance CSR, gaining a solid understanding of insurance products including home, life, auto, and commercial and working directly with insurance customers to understand their needs. She has since used that knowledge in her more than ten years as a writer, largely in the insur...

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Reviewed by Leslie Kasperowicz
Farmers CSR for 4 Years

UPDATED: Nov 4, 2020

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When you think of Long Term Care insurance what comes to mind? If you’re thinking dollar signs, then you’re not alone. Although Long Term Care insurance provides excellent benefits, it’s generally not affordable for most people.

If the cost of Long Term Care coverage is too expensive, what other options do you have? What if I told you life insurance?

Life insurance is the ideal solution for protecting your family’s financial security in the event of death, but it can also offer the same protection while you are still living.

Transamerica Life Insurance Company has developed a hybrid type of term life insurance coverage called Trendsetter Living Benefits. Living Benefits term life insurance coverage can help assist with the high cost of long term care expenses.

Looking to compare life insurance policies? We can help. Enter your ZIP code to get free quotes from multiple insurers.

Table of Contents

An Alternative Method to Paying for Long Term Care Expenses

A critical or chronic illness can cause major financial devastation to any family. Even with the greatest health insurance policy, an illness requiring some type of long term care assistance has the potential to impact a family’s life savings.

If you have ever experienced a loved one that has required some type of long term care assistance, you know that the costs can range anywhere from several hundred to several thousands of dollars.

Long term care assistance can be anything from needing daily assistance at home or needing to permanently reside in an assisted living facility or nursing home.

Transamerica Living Benefits term life insurance coverage is a unique type of life insurance coverage, as it allows for the policy owner to access the policy’s death benefit for cash, in the event of a qualifying critical or chronic or illness.

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How does a Living Benefits Policy Work?

Transamerica Living Benefits is term life insurance that comes in fixed premium lengths up to 10, 15, 20, 25 or 30 years.  The Living Benefits life insurance coverage has no medical exam underwriting if applying for coverage amounts under $250,000.

The maximum amount of coverage that can be purchased is $2,000,000 with a medical exam provided by the life insurance company. A unique feature of Transamerica’s Living Benefits is the ability to access cash from the policy’s death benefit for a qualifying critical or chronic illness.

QUALIFYING CRITICAL ILLNESSES

Heart attack, stroke, cancer, end-stage renal failure, major organ transplant, ALS, blindness, or paralysis of two or more limbs.     

QUALIFYING CHRONIC ILLNESSES

Are unable to perform two of the six activities of daily living to include bathing, continence, dressing, eating, toileting or transferring. A severe cognitive impairment that would require substantial supervision for care and safety would also qualify.

How Much Money can you get from the Living Benefits Life Insurance Policy?

If you have a qualifying critical or chronic illness you may elect to access cash from the policy. The amount of cash that you can elect to accelerate will depend on the severity of the illness which is broken down to into three categories of minor, moderate and major. The maximum amount that can be accelerated for a qualifying critical or chronic illness is 90% of the death benefit or $500,000.

Will you Require Some Type of Long Term Care Assistance?

It’s scary to think that many people will suffer from at least one critical or chronic illness in their lifetime. If you participate in social media, such as Facebook, it is likely that you have witnessed someone that has been affected by some type of critical or chronic illness.

A Living Benefits life insurance policy can provide income to help with long term care assistance whether it’s due to loss of income from work, or due to pay for in-home or out of home care.

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Key Points for Living Benefits Life Insurance Coverage

  • If you accelerate a portion of your death benefit, the premium will be readjusted to the balance of the death benefit.
  • The money you received from your life insurance policy can be used any way you want.
  • If you choose to receive cash from your life insurance policy, you are not required to pay it back.
  • Your death benefit is simply reduced to the remaining balance.

Living Benefits Life Insurance Quote

If you’re worried about the possibility of having the funds to pay for long term care assistance, explore the idea of purchasing a Transamerica Living Benefits life insurance policy.

Transamerica is one of very few life insurance companies that currently have this great feature available on term life insurance coverage.

To receive a Transamerica Living Benefits life insurance quote, feel free to use the quote form located on this page or simply send us a message.

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