Some of the worst disruptions to a person’s quality of life are major health events. Between the cost of care and the potential lost income, chronic, critical, and terminal illnesses can have a detrimental financial impact on quality of life at any stage.
Quality of Life. . .Insurance®, issued by American General Life Insurance Company (AGL) a member of American International Group, Inc. (AIG), includes built-in, no-cost living benefits to help you maintain your quality of life during such events. The QoL SelectChoice II Accelerated Benefit Riders can provide a portion of your contractual death benefit while you’re still living if your condition meets the criteria for one of these types of illnesses. The accelerated death benefit can be used for any purpose.
Chronic illnesses are typically conditions suffered for a long period of time, during which normal daily living is disrupted. A qualifying Chronic Illness is an illness or physical condition that was initially certified by a licensed health care practitioner within the past 12 months and affects the Insured Person so that he or she is unable to perform at least two of the normal Activities of Daily Living (ADLs) without substantial assistance or requires substantial supervision from another person to protect the Insured Person from threats to health and safety due to cognitive impairment. Quality of Life...Insurance can help you financially by accelerating some or all of your policy’s death benefit upon being diagnosed.
Critical illnesses often come suddenly and without warning and the financial affect can be life changing. Qualifying conditions include; major heart attack, coronary artery bypass, stroke, invasive and blood cancers, major organ transplant, end-stage renal failure, paralysis, coma, and severe burn.1 Quality of Life. . .Insurance can help you minimize the financial effects of critical illnesses by providing some or all of your policy’s accelerated death benefit after requirements are met.
Terminal illnesses are defined as those in which a physician reasonably expects will result in a person’s death within 24 months.2 Quality of Life...Insurance can help you financially make the most of your remaining journey following a terminal illness diagnosis. Your policy can permit you to accelerate some or all of your policy’s death benefit if you have a qualifying critical illness.
Download the following resources for more information about the features and benefits of QoL SelectChoice Accelerated Benefit Riders.
No, the QoL SelectChoice Accelerated Benefit Riders are not stand-alone long-term care insurance, disability income insurance, or other insurance designed to cover specific costs associated with an illness or condition. It is an acceleration of your policy’s death benefit available to you under certain conditions.
Receiving benefits under this rider will reduce the other benefits available on the policy, including retirement income, amounts available for future illness benefits, as well as the base life insurance death benefit. In some cases, such reductions can result in policy termination. You may be offered the opportunity to purchase coverage to replace the accelerated amount, but the cost may be significantly higher than the coverage you originally purchased.
1 Conditions may vary by state.
2 Life expectancy criteria varies by state.