Live Your Bucket List, Love Your Family With Your Critical and Chronic Health Rider

by BetterWealth

When it comes to critical and chronic health issues, it’s a common mistake to start thinking in purely absolute terms: What’s the survivability? What’s the life expectancy in years? Which treatment will cure my illness?

Meanwhile, the folks who have experienced these types of illnesses — either personally or within their family — will tell you that there aren’t really any absolutes when it comes to serious health conditions. Instead, there’s guesswork and second opinions. There’s quality of life and a million other practical factors to consider. Each new procedure comes with a cost, and there’s always the question of how you’d really like to live out your days … not just how long those days might last.

My old friend Harrison was the perfect embodiment of this fact… Harrison was a stockbroker who worked at least 60 hours every week. He’d worked his way up from a poor Bronx household to build up a net worth in the millions, and he loved his family to pieces.

One morning, Harrison woke up with a cough and what felt like a bout of bronchitis. He went in for tests, waited a few weeks, and then received his results on a Tuesday afternoon after the market closed. Stage 4 lung cancer. 16 months.

A normal human being would be left reeling from a diagnosis like that. I know I would. But Harrison was no normal human being…

Because by 4am that next morning, Harrison was on a plane to Bali.

After a brief but comprehensive conversation with his family, Harrison concluded that none of his treatment options were realistic, and that he wanted to enjoy his remaining time as much as possible.

So Harrison and his wife packed their bags and booked two one-way tickets to Bali, with the agreement that their three adult daughters would meet them in Hawaii for a family vacation in a month.

Before heading to the airport in the early hours of the morning, Harrison tendered his resignation via email, then activated the Critical & Chronic Illness Rider from his life insurance policy and withdrew a large lump sum to create what he called his “Bucket List” fund.

Over the next year, Harrison and his wife visited every exotic locale, foreign metropolis and resort destination that their hearts desired. They spent two full weeks in Maui with the entire extended family and hosted an Italian retreat for the daughters that summer before backpacking across Europe in the fall.

Harrison’s “Bucket List” fund was still flush by the time their year of whirlwind world travel was over. So Harrison combined a portion of the fund with a loan against the cash value of his life insurance to fund the purchase of an RV, which he and his wife then drove all over America.

As it turned out, the doctors were a little off with their projections for Harrison. He outlived his estimated 16 months by nearly six years, with his life insurance serving as a primary asset to make those some of the best years of his life.

But here’s the real kicker…

By drawing down on his well-structured, well-funded whole life insurance plan, Harrison was able to build his whole “Bucket List” fund and enjoy the best years of his life — without selling a single share of stock or liquidating any of his investment properties. He didn’t have to worry about market cycles or potential investors when he activated his rider.

The remainder of his portfolio continued to grow all on its own, year-in and year-out, as he toured the world and made memories with loved ones. He stayed paid-up on his premiums as well, so his life insurance policy continued to grow.

As a result, when Harrison finally passed all those years later, he left a substantial and tax-free death benefit behind for his heirs — along with a massive portfolio of stocks, real estates and other assets to supplement their inheritance.

It was a testament to his lifetime of hard work, careful planning, and a well-structured whole life insurance policy that has a great Critical and Chronic Health Rider.

This rider isn’t automatically included on many life insurance policies, but it’s something I always recommend as a necessity. Especially if you have a family history of cancer, chronic illness, or cognitive impairment, this kind of rider can make all the difference when it comes to your quality of life.

Because these riders generally don’t put any limitations on how you spend the money they give you. If a health insurance company gives you money, that’s only going to be for specific, approved procedures. You might need to be pre-approved or working with a doctor in-network, and you may end up disputing an eventual claim.

The same is true for long-term care insurance, which is even more specific about the type of care it’s designed to provide.

But with a Critical and Chronic Health Rider, you’re just receiving an advance payment on the death benefit you already spent a lifetime paying for.

That’s your money, after all. It’s up to you how you spend it.

Some riders will give you access to the money all at once in the form of a lump sum, while other policies can be designed to provide steady payments that can be ideal for covering the cost of care facilities. Some riders are available at no additional cost.

But with the right rider it’s also possible to do what Harrison did, and take advantage of this asset you’ve built up any way you see fit…

Use it to fund a potentially life-saving procedure that your insurance won’t otherwise cover. Use it to cover the best long-term care money can buy. Use it to make memories with your family. Use it to make preparations or erase medical debts so you can leave your family unburdened.

The choice is entirely up to you — as long as you have the right Critical and Chronic Health rider in your policy.

Key Takeaways

  • Critical and Chronic Health Riders on whole life insurance policies provide flexible access to funds for health-related expenses without liquidating investments or stocks, preserving your wealth.
  • Using these riders allows you to prioritize quality of life and personal choices during serious health challenges, supporting intentional living beyond just life expectancy considerations.
  • The rider’s benefits are typically received as an advance on the policy’s death benefit, making them a source of your own money to use without restrictions imposed by traditional health or long-term care insurance.
  • Access to these funds can be structured as either a lump sum or regular payments, enabling customized financial support for procedures, care costs, or lifestyle needs during chronic or critical illness.
  • Maintaining the life insurance policy during illness allows continued growth of the death benefit and other personal investments, ensuring legacy and continuity for heirs.
  • Having the right Critical and Chronic Health Rider is essential risk protection, especially for families with histories of cancer, chronic illness, or cognitive impairments, aligning with a comprehensive wealth strategy.

Resources

  • BetterWealth – Financial services focused on life insurance strategies designed for intentional living and wealth protection.

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