LifeStyle ValueGuard is a Bloch Agency exclusive product. It is designed to provide ultimate flexibility in disability coverage. LVG Benefits can be used for multiple purposes at the time of claim by the policyholder. The total lump benefit is based on a multiple of earnings payable over a 24-month period. It is underwritten by Lloyd’s of London with a policy term of up to 5 years.
Frequently Asked Questions
How are benefits paid?
After an elimination period of 6 months, a 50% of income Lump Sum Benefit is payable at 6, 12, and 18 months. At the 24th month, the remainer of the benefit Is payable, which would be determined by the multiple of earnings purchased.
Are residual benefits payable?
If there is 40% loss of earnings loss, a 25% of income Lump Sum Benefit is payable at 6, 12,18 and 24 months.
Can the policy be cancelled?
The policy term is normally up to 5 years and at that time, a new application is required to continue coverage. There are some occupations that do not qualify for LVG coverage initially or at renewal time. If a new policy is issued, the premium will be at higher rates.
The 1st and 2nd years after a life event are the most difficult financially. The LifeStyle ValueGuard™ product provides immediate cash to you and your family. The funds may be used to pay the following:
- Mortgages
- Student Loans
- Credit Card and other Financial Debts
- Medical Care Expenses
- College Tuition
- Home Modifications
- Automobile Bills
- Long-Term Care Costs
LifeStyle ValueGuard™ can also help cover business expenses. The readily available funds may be used for:
- Business Overhead Expenses
- Key Person Salaries and Benefits
- Buy-Sell Solutions
- Retirement Funds
