Life insurance is a contract between an insurer and a policyholder in which the insurer guarantees payment of a death benefit to named beneficiaries upon the death of the insured. The insurance company promises a death benefit in consideration of the payment of premium by the insured.
It’s easy. If you qualify, you simply continue paying your monthly premiums, you don’t pay anything extra for the ADDLIB benefit. Every month Liberty adds up the total amount of cover you have for specific benefits on your Lifestyle Protector insurance product. We also add up the value of qualifying investment products you own at Liberty. We then use these two values, along with other criteria, to determine whether you qualify to earn a percentage of your Lifestyle Protector premiums back that month, and what that percentage will be. Liberty accumulates these monthly bonuses and after five years, subject to your policy still being active and the other terms and conditions of ADDLIB. The accumulated bonus will be paid out to you, tax-free, and what you use that bonus for is completely up to you.
“My husband and I decided to have a third child, but we got more than we bargained for and had twins. As you can imagine, being a couple with four children, there was quite a bit of financial pressure on us. Earlier this year, I was about to make a withdrawal from one of my investment policies to cover some unplanned expenses for the children. As it turned out, the day I called my financial adviser he advised me that I didn’t need to withdraw anything, my ADDLIB benefit payment was being paid out that month. I used this to cover the children’s expenses and kept my investments intact.”