Other Ameritas FLX Living Benefits Term Life Insurance Features
Outside of the terminal, chronic, and critical illness riders that are included at no additional cost, Ameritas life insurance company’s FLX living benefits term life insurance has a number of other attractive features. The FLX living benefits term life insurance contract has a competitive conversion feature, as well as a number of optional riders.
Ameritas life insurance company’s FLX living term life insurance conversion option is one of the best in the industry. As of the writing of this article, the conversion option allows a client to exchange their FLX living benefits term policy for Ameritas life insurance company’s FLX indexed universal life policy without any additional underwriting during the level-term period or before age 65, whichever comes first. Ameritas will simply issue the FLX indexed universal life policy at the same health rating that your term policy contained regardless of your present insurability at the time of the conversion.
What makes the Ameritas life insurance company’s FLX living benefit term conversion option special is the insurance policy that you can convert into. Some life insurance companies will create specific permanent policies for the purposes of term conversion. However, the FLX living benefits term converts into Ameritas’s highly rated FLX indexed universal life insurance policy, not a inferior conversion-specific permanent life insurance contract.
Simply put, this is a big deal. Ameritas life insurance company’s FLX index universal life contract not only has the terminal, chronic, and critical illness features built into their term policies included at no additional premium, but a built-in lifetime income rider that can convert the policy’s cash value into a guaranteed lifetime income stream.
While the term conversion option is included at no additional cost, the optional riders can be added on at the client’s discretion. These optional riders carry an additional premium cost, unlike the built-in living benefit riders for terminal, chronic, and critical illness, but can add value in certain situations.
The optional riders available on the Ameritas FLX living benefit term contract are as follows:
- Accidental death rider
- Children’s insurance
- Waiver of premium (disability)
Ameritas’s FLX Living Benefits Term Accidental Death Rider
Ameritas life insurance company’s FLX living benefits term contract has an optional accident death rider that can be added on at an additional premium coast. This rider will pay out an additional death benefit due to death from accidental bodily injury up to 180 days from the injury.
Ameritas’s accidental death rider can be useful in situations where people work hazardous occupations, such as a roofer, and want additional coverage in the event of something catastrophic. We also recommend the accidental death rider option if the coverage needed iis too costly due to an individual’s health.
In this situation, we will recommend a person blend the life insurance with accidental death coverage to receive maximum protection catastrophic deaths resulting from accidental bodily injury while maintaining a base level of pure life insurance for medically related deaths. While not as ideal as 100% life insurance, this strategy grants people the coverage they need at a price they can afford.
Ameritias’s FLX Living Benefits Term Children’s Insurance Rider
Ameritas life insurance company currently offers an optional children’s insurance rider at an additional annual premium of $144 for their FLX living benefit term life insurance policies. This optional rider will cover all eligible children of the insured for $25,000 death benefits all under this one rider.
In order to be initially eligible for the coverage, the insured’s children must be older than 15-days old or younger than 18-years old and named on the application to be covered by the rider. Any child born or adopted after the contract is issued will be covered by the rider automatically 15 days after their birth.
The rider will cover all eligible children of the primary insured until age 25. Each child has a conversion option available prior to their age 25 if they want to convert the children’s insurance into a personal permanent policy.
Dealing with death is always difficult, but dealing with the death of a child is particularly hard. Outside of the emotional grief that parents face, there is a financial burden as well. This rider is designed to create $25,000 instantly if any of your children die prematurely. This is plenty of money to handle the average burial expense of $7,000 to $10,000, and the remaining funds can be used to take time off from work to grieve with your loved ones.
Waiver of Premium (Disability)
Ameritas life insurance company has an optional waiver of premium rider that can be added on to the FLX living benefits term life insurance policy for an additional premium. This rider waives the monthly premiums for the base policy and any riders after the primary insured becomes totally disabled for six months as per the definition of disability within the contract.
If the disability occurs before age 60, the premiums will be waived for the entirety of the disability. If the disability occurs after age 60, but before age 65, then the premiums will be waived while the disability continues until the policy anniversary nearest to the insured’s age 65.
The Bottom Line
There are many life insurance companies that can trace their history back to the 1800s, but the past is in the past. Ameritas life insurance company not only has a deeply rooted legacy of making good on their promises, but their FLX living benefits term life insurance is catapulting term life insurance into the modern era with their built-in terminal, chronic, and critical illness riders.
Ameritas life insurance company is on the cutting edge of non-medical underwriting saving applicants time and offering a less invasive customer experience. In addition to Ameritas’s 18 triggers that accelerate a portion of the death benefit for terminal, chronic, and critical illness, Ameritas life insurance company’s FLX living benefits term conversion option is one of the best on the market right now.
If you are looking for life insurance with living benefits, then you have come to the right place. Our agency has help scores of people just like you get affordable life insurance with living benefits without the hassle of a medical exam. Fill out a quote or give one of our veteran agents a call today to see if you qualify.