A Closer Look At Living Benefits
Jennifer Stockdale • April 9, 2021
Life insurance offers financial security for your loved ones after you are gone, but did you know, that life insurance can also help you while you are still living? Living benefits riders offer added financial security should you encounter health challenges during your lifetime.
What is a Living Benefits Rider (LBR)?
A Living Benefits Rider is an "add on" to your life insurance policy that allows you to use a portion of your insurance policy's face value to pay for medical care and other costs should you be diagnosed with a critical, chronic or terminal illness.
What is the cost to add an LBR to my policy?
There is no additional premium to add the LBR to any new GBU Secure Life or Select Choice Term Life Series insurance policy with a face value of $100,000 or more.
How is eligibility to use my death benefit determined?
You will need documentation from your medical provider in order to initiate this rider. Terminal illness is eligible if life expectancy is 12 months or less. A critical illness is defined as a major health issue such as a heart attack, stroke, cancer, etc. A chronic illness is defined as having severe cognitive impairment or unable to perform two (2) activities of daily living (ADLs). The details and specifics of the riders can be found in the LBR contract and explained by your GBU agent.
How much of my face value can be claimed?
If you are diagnosed with a qualifying illness, you can access up to 95% of your policy's face value. The actual amount you can access will be based on your diagnosis, life expectancy and death benefit amount. Lifetime benefit limits may apply. Any remaining value on your policy will be paid out to beneficiaries as a death benefit.
Are there other riders that can help during my lifetime?
All GBU Secure Life and Select Choice Term Life Insurance Series products offer other riders to help during your lifetime. The Payor Waiver of Premium rider waves premiums if the person paying the insurance premiums becomes totally disabled after six months (not available on Single Premium Whole Life or Annual Renewable Term). GBU's Secure Life (except for Single Premium Whole Life) offers a Guaranteed Purchase Option rider allowing you to purchase additional coverage during certain periods of your life without the need for additional medical exams. Most Secure Life insurance policies offer Spousal and Children's Term riders which allow you to purchase life insurance for your entire family on one policy.
Some riders may not be available in certain states and not all riders are available with all life insurance products. Be sure to talk to your GBU agent to choose the life insurance policy and rider(s) that are best for you and your family.
Details and deadlines surrounding the GBU Foundation scholarship and grants for 2025.
Looking to try some new recipes this winter?
We've found some tips to keep up your sleeve this winter.
The Defined Benefit Annuity from GBU Life can help you to create a plan for a guaranteed income in retirement by making regular contributions based on your retirement income targets.
Graduating from college is an exciting milestone, but it’s also the perfect time to focus on your financial future. Building on the foundation you’ve already laid the groundwork for with smart money choices will set you up for long-term success. Here are a few key financial products to consider as you take the next step.
Kick-start your child’s journey to financial success with a whole life policy from GBU Life.
How well do you know the characters from the hit TV series The Office? Watch your reruns and get ready to test your skills in our winter trivia contest!
Did you know you can use your RMD to purchase financial products that can help to secure the future for you, your loved ones or a charitable organization that you care about?
Traveling can be one of life’s greatest joys. However, packing smart can make or break your experience. With so many gadgets and accessories out there, figuring out what’s truly useful can be overwhelming. To help you streamline your packing list, here’s a guide to the most useful travel items that will enhance your adventures. 1. The All-Purpose Carry-On Bag A durable, well-organized carry-on bag is essential. Look for one with: Compartments: separate sections for clothes, electronics and toiletries Durability: waterproof or water-resistant materials for unexpected weather Mobility: wheels and an adjustable handle for easy transport This is a must-have item because it saves you from waiting at baggage claims and prevents lost luggage during flights. 2. Travel-Friendly Toiletry Kit Opt for a compact, TSA-approved toiletry kit with refillable travel-size bottles. Bonus points if it comes with a hook for easy hanging in small hotel bathrooms. Tip: keep a separate mini toiletry bag in your carry-on with essentials like toothpaste, face wipes, and lip balm to freshen up during long journeys. 3. Portable Charger and Universal Adapter Staying connected is crucial for navigation, translating apps and emergency calls. A reliable power bank ensures your devices stay charged, especially during long flights or train rides. Pair it with a universal adapter to charge your gadgets no matter the country you’re visiting. 4. Packing Cubes Packing cubes help you stay organized by categorizing your clothes and accessories. They also maximize space in your luggage. 5. Travel Insurance and Document Organizer Keep all your travel documents—passport, visas, insurance and itinerary—in a waterproof organizer. This can be as simple as a resealable sandwich bag. 6. Reusable Water Bottle Remember to stay hydrated! Plus, a water bottle with a built-in filter ensures you have safe drinking water even in remote areas. 7. Noise-Canceling Headphones Whether you’re on a noisy plane or staying in a bustling city, noise-canceling headphones can be a lifesaver. Invest in lightweight, wireless options for added comfort. 8. Eye Mask For long-haul flights or train rides, a comfortable eye mask can help you get some rest. 9. Compact First Aid Kit Accidents and illnesses can happen anytime. A small first aid kit stocked with band-aids, pain relievers, antiseptic wipes and any personal medications is a must. Tip: add items like motion sickness tablets and electrolyte packs for extra preparedness. 10. Multi-Function Travel Jacket Look for jackets with built-in storage—many designs come with hidden pockets for passports, phones, and even water bottles! These jackets are perfect for streamlining your essentials. Tip: if you’re going somewhere with a cold climate, consider bringing a large scarf that can also double as a blanket or wrap. 11. Daypack or Sling Bag A small, secure bag for day trips is essential. Choose one with anti-theft features like lockable zippers or RFID-blocking technology to protect your valuables. 12. Versatile Footwear Depending on your itinerary, pack a pair of lightweight walking shoes, sandals and waterproof boots. Opt for neutral colors and comfortable designs to match various outfits. Packing the right items makes your journey smoother and more enjoyable. Start with these essentials, and tailor them to your destination and travel style. Remember, the key to efficient packing is quality over quantity. Remember to focus on versatile, durable and practical items that suit your needs!
To help you shine at your next workplace white elephant party, here’s a list of affordable and useful gift ideas.