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Life Insurance That Works While You Are Living
Traditional life insurance only pays out after you're gone. Team Thrive builds living benefits into our Indexed Universal Life policies, so a portion of your coverage can help you and your family while you're still here, if a serious illness happens first.
What Are Living Benefits?
Living benefits are a feature of some life insurance policies that let you access part of your death benefit while you're still alive, if you're diagnosed with a qualifying chronic, critical, or terminal illness. Instead of your coverage sitting unused until you pass away, it can help cover medical bills, lost income, or everyday expenses when you need it most.
Key Takeaways
Living benefits let you access part of your death benefit for a qualifying illness, not just after death
Team Thrive builds these into Indexed Universal Life policies, often at no added cost
Coverage has to be in place before a qualifying diagnosis. It can't be added retroactively
Using a living benefit reduces the death benefit your beneficiaries eventually receive
The right coverage mix depends on your health history, budget, and family situation
What Are Living Benefits?
Explore life insurance options designed to protect your family and support you during qualifying illnesses.
Critical Illness Coverage
Pays a lump sum after a qualifying diagnosis, such as a heart attack, stroke, or invasive cancer, to help cover treatment and living expenses.
Chronic Illness Coverage
Pays benefits if you cannot perform basic daily activities, such as bathing or dressing, for an extended period due to a qualifying condition.
Terminal Illness Coverage
Pays benefits when a physician confirms a limited life expectancy, typically 12 to 24 months, and may be included in the policy at no added cost.
Cash Value Growth
Pays benefits when a physician confirms a limited life expectancy, typically 12 to 24 months, and may be included in the policy at no added cost.
Is This Right for You?
Parents & growing families who want their coverage to do more than sit unused
Business owners whose income the business depends on directly
Pre-retirees thinking about both protection and tax-advantaged growth
Self-employed individuals without employer-sponsored disability coverage
Anyone with a family health history of heart disease, stroke, or cancer
Not everyone needs every type of living benefit. Your advisor will help you figure out which coverage actually fits your situation, not sell you everything at once.
How It Works
Consultation
Talk with a Team Thrive advisor about your health, family, goals, and coverage priorities.
Needs Analysis
We identify which living benefits best match your health, family, goals, and financial needs.
Privacy Selection
We show how living benefits fit into an Indexed Universal Life policy built around you.
Application
Complete a clear application with health questions and, when required, a brief medical exam.
Approval
Once approved, your policy becomes active with the selected living benefits and coverage terms.
One thing worth knowing upfront: living benefit coverage has to be in place before a qualifying diagnosis. There's no way to add it after the fact, which is exactly why most people find it easier to have this conversation sooner rather than later, while it's still simply a planning decision and not an urgent one.
What Affects the Cost
Age: premiums generally increase the older you are when you apply
Health: your current health and medical history affect eligibility and price
Coverage amount: larger death benefits mean larger available living benefits, and higher premiums
Which riders you include: some, like terminal illness coverage, are often included free; others may carry an added cost
Compare Your Options
Living Benefits vs. Traditional Life Insurance: see the direct cost and feature comparison
IUL With Living Benefits: how living benefits combine with tax-deferred cash value growth
Why Choose Team Thrive
Living benefits aren't an add-on we mention in passing. They're built into how we structure Indexed Universal Life policies from the start, for every client, not just the ones who ask
No-pressure conversations. Your advisor walks through real numbers for your specific situation before you decide anything, and there's no cost or obligation just to talk
One policy that protects your family after you're gone, and helps protect your finances if a serious diagnosis happens first, instead of managing separate products for each
Frequently Asked Questions
Is life insurance with living benefits worth it?
For many people, yes, especially when it's included at no added cost. It depends on your family health history, existing coverage, and whether you'd rather have this flexibility built in versus paying less for coverage that only pays out after death.
Does using a living benefit affect my beneficiaries?
Yes. Any amount you access while living is generally deducted from your death benefit, so your beneficiaries receive less than the original coverage amount.
What are living benefits of life insurance?
Living benefits let you access part of your life insurance death benefit while you're still alive, if you're diagnosed with a qualifying chronic, critical, or terminal illness. It's a feature, not a separate policy.
Do all life insurance policies have living benefits?
No. Living benefits are riders or built-in features that vary by insurer and policy. Team Thrive builds these into the Indexed Universal Life policies we offer, but not every life insurance policy includes them automatically.
Does Team Thrive offer living benefits?
Yes. Living benefits are built into the way Team Thrive structures Indexed Universal Life policies, rather than sold as separate add-ons after the fact.
Get Started Today
No pressure. No obligation. Just clear answers.
Want to Learn More about Our Product?
Schedule a free consultation and we'll help you find the perfect solution based on your needs and budget
Providing peace of mind to families nationwide through life insurance with living benefits, tax-free retirement strategies, and financial security for your loved ones.
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