BANKING / FINANCE
An Irvine company has become the first in the state to offer a life insurance policy designed to help terminally ill people get half of their benefits before they die.
The so-called “living payout option” offered by Commercial Bankers Life Insurance Co. provides money for medical care, living expenses, nursing, hospice or travel--including vacations.
The option, which can be applied to policies already in force, will help the terminally ill person who typically incurs 45% of his or her total lifetime medical expenses during the final illness, said James L. Anderson, Commercial Bankers’ president.
Under the policy, the company will pay half the face amount of its policies once the insured person is diagnosed as having a terminal illness with a remaining life expectancy of 6 months or less.
