The True Experience of a Living Benefit Claim
Client Background
This case involves a client who was diagnosed with cancer and faced significant financial challenges due to being unable to work for a year. The client had life insurance with a living benefit rider, which allowed them to access a portion of the policy’s death benefit while still alive, to help cover medical costs and support their recovery. The client reached out to Mark Zeng to help them navigate the process and claim the living benefit during this critical time.
The Situation
The client had life insurance with a $200,000 death benefit, and, after being diagnosed with cancer, was able to claim $180,000 under the living benefit rider. This financial support came at a crucial time when the client was unable to work and faced mounting debts, including unpaid mortgage payments and personal expenses related to their illness.
While the client had been out of work for over a year, they had no short-term disability coverage and minimal income from state disability benefits. With their home at risk and financial security in jeopardy, the living benefit claim became a lifeline for the client, allowing them to stay afloat while focusing on recovery.
Mark’s Approach
Mark Zeng assisted the client in understanding the details of their living benefit rider and helped them through the claims process. When the client initially inquired about the living benefit, they were told by the agent who sold them the policy that the rider would only cover medical bills. However, Mark clarified the full scope of the benefit and helped the client apply for the $180,000 living benefit payout.
Mark guided the client throughout the entire process, ensuring they understood how the claim would help cover debt and medical expenses. He helped ease the financial burden during a time when the client was facing immense health challenges and was unsure how they would make ends meet.
Client’s Financial and Emotional Situation
The client had been diagnosed with cancer and, due to their condition, was out of work for over a year. This period of financial hardship put them at risk of losing their home, and they were struggling to make ends meet. Despite having long-term disability coverage, they were unaware that it wouldn’t kick in until after one year. The living benefit payout from the insurance policy provided essential support, covering debts like mortgage arrears and helping the client regain some financial stability.
The client was deeply appreciative of Mark’s help and support during a time when they felt both physically and financially overwhelmed. They shared how Mark’s assistance had a profound impact on their ability to recover and stay financially afloat.
Mark’s Support and Professionalism
Mark Zeng’s professional guidance ensured the client understood their policy and maximized the benefits available to them. By helping the client apply for the living benefit rider, Mark enabled the client to access the funds they needed during their recovery. Mark’s transparency and commitment to supporting his clients, even in difficult situations, ensured that the client felt confident and supported.
Mark’s efforts not only helped the client navigate the claims process, but also provided the emotional reassurance that they were on the right path to recovery.
Outcome
The client successfully received the $180,000 living benefit payout, which made a significant difference in their life. The funds were used to pay off debt, including the mortgage arrears, and cover other financial obligations. Although the client did not become “wealthy” from the payout, it was a critical lifeline that allowed them to recover from the financial strain caused by illness.
The client’s experience serves as a powerful reminder of the importance of understanding living benefits and how they can provide financial support when faced with serious health challenges. Mark’s help in processing the claim gave the client much-needed financial relief during an incredibly difficult time.
Testimonial
“Mark, you were there for me when I needed help the most. The insurance agent lied to me about the living benefit, saying it only paid medical bills. But you were the one who helped me apply for the full payout. You saved my life, Mark. I was out of work for a year, and without that $180,000, I would have lost everything. You didn’t just help with paperwork; you helped me when I was struggling to survive. I can’t thank you enough for everything you did.”
Full Transcription of the Call
Below is the full transcription of the call where Mark Zeng helped the client navigate the living benefit claim process:
[Mark Zeng] (0:00 – 0:10)
Insurance you purchased on this policy, how much life insurance? $250,000. I think it was $200,000.
$200,000. How much you get claim for the living benefit?
[Speaker 1] (0:10 – 0:12)
$180,000.
[Mark Zeng] (0:12 – 0:21)
$180,000. Wow, that’s great. That’s great.
And now you recover from cancer and you get $180,000 for free from this small insurance premium.
[Speaker 1] (0:21 – 0:39)
Yeah, I was out of work for a year, so I lost a lot of salary. I didn’t have short-term work insurance. I was out of work for a year, which, you know, was tough.
I was, you know, in danger of losing my house. I was trying to do a loan modification, but it didn’t work.
[Mark Zeng] (0:40 – 0:43)
Because you don’t have income, so you cannot have, yeah, you’re not qualified for a loan modification.
[Speaker 1] (0:43 – 1:13)
Well, I had to pay back, you know, $50,000 on my mortgage that I had not been paying. So, I didn’t end up really rich or anything after I got the claim, but it got me back on my feet to pay some debt and to recover. And my sister took a year off work to take care of me.
She has her own business back in Ireland, and she lost a lot of money not being there. So, I paid her quite a bit of money, too.
[Mark Zeng] (1:14 – 1:22)
By this money, yeah. Pauline, so, in other words, this insurance really saved you a fortune. Otherwise, you’d get wiped out, right?
[Speaker 1] (1:22 – 1:27)
Yeah, I would have been living in a small apartment now.
[Mark Zeng] (1:28 – 1:41)
Yeah, and even though a lot of people thought, well, I have good group insurance, you know, your worker insurance does not work. Because when you’re out of a job, your insurance is gone anyways, right?
[Speaker 1] (1:41 – 1:52)
Yeah, but I didn’t have a short-term medical disability. I had long-term medical disability, but it doesn’t kick in until after a year, which I didn’t know.
[Mark Zeng] (1:52 – 1:54)
Oh, wow, that’s scary.
[Speaker 1] (1:54 – 2:01)
Yeah, so, for the first year, I just got state disability, which is very little compared to my salary.
[Mark Zeng] (2:01 – 2:05)
So, this living benefit really helped you a lot.
[Speaker 1] (2:05 – 2:37)
Yeah, but the guy that sold that to me, remember I called him to inquire? Uh-huh. And he said, oh, no, you’re not going to get that.
It only pays medical bill. He lied. Mark, if I can refer people to you, I’m just happy to refer them.
Okay. Because it changed my life. You were helping me out, and, you know, when you were helping me, I was very sick.
I thought I was going to die. You helped me to apply for the benefit writer. You’re just a good person, and I appreciate it.
[Mark Zeng] (2:37 – 2:54)
You actually remind me that now I’m going to put into our website and tell people we’re helping people make a claim. So, we’ll help them out to save their life, you know? I wish you the best, and if you have any questions or need any help, let me know.
I’ll do everything I can.
[Speaker 1] (2:55 – 2:56)
I’m very thankful.
