Most of us go through life accepting what has traditionally been the standard way of doing things. When we have an ailment we usually pop a few pills and only when the ailment gets chronic do we go to a doctor. Getting a doctors appointment and the subsequent time investment coupled with the inevitable co-pay and other expenses make this a chore. Enter Urgent Care clinics. These clinics accept most insurance plans and will see patients on a walk-in basis and provide the same or better care than the patient’s usual health care provider, usually at a lower cost at the convenience of the patient.
The same with banking, big banks have traditionally occupied our minds with visions of stability and the way things are done. In the past few decades, this industry has been upended by the appearance of Credit Unions and e-banking. Customers are better served by Credit Unions and at much lower fees etc.
These are just two examples of the traditional customer care world across all industries being replaced with innovative solutions that have the customer value/experience foremost in their disruptive offering.
The traditional life insurance industry also has experienced a similar upheaval with the introduction of Living Benefits. These benefits are also called accelerated riders and are offered by most of the big carriers as they see a market in offering something more than Buy and Die policies. This new family of accelerated riders allow the client to access the face amount of the policy at a discounted rate, usually 70 – 90 per cent in case of a medical condition that would prevent them from working. If the policy face amount is $500,000 the tax-free payout would be around $350,000. The payments can be used for anything, no restrictions.
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As more than 60% of bankruptcies are a result of illness and medical bills, clients can accelerate their policies to avoid crushing debt. The common misconception is existing medical insurance will suffice in case of a medical disability. While medical care may be covered, living expenses are not. Bills still have to be paid and living expenses continue. Living Benefits can help with the costs of daily life.
