Pre-death Benefits: Pre-death independent claims typically include payouts for chronic illnesses, major diseases, accelerated death, and terminal illnesses. These funds are used to cover the insured’s medical expenses and advanced treatment methods.
Long-Term Care: For insured individuals who suffer from chronic illnesses or disabilities and are unable to care for themselves, they can apply for claims to fund long-term care and well-being.
Death Benefit: In the event of the insured’s death due to illness or accident, the beneficiaries receive the death benefit according to the policy.
Savings and Investment: Besides covering insurance costs, IUL premiums also accumulate in the policy’s savings account. The cash value in the savings account grows in line with the fluctuations of the indexed market. Additionally, IUL insurance provides a guaranteed fixed interest rate as a safeguard.
Cash Value: The cash value in the policy’s savings account has versatile uses. It can be withdrawn or flexibly utilized through policy loans.
Tax Benefits: Insurance claims, cash value growth during accumulation period, and policy loans are all tax-free and not subject to capital gains taxation.
Life insurance prices depend on the insured’s risk rating. The higher the risk rating, the more expensive the premiums.
Factors affecting risk rating include:
Age: Older age leads to higher risk ratings.
Gender: Males have higher risk ratings than females.
Health: Poor health results in a higher risk rating.
Smoking: Smoking leads to a higher risk rating.
Occupation/Hobbies: Riskier occupations or hobbies result in higher risk ratings.