GoFundMe ’ s shortcomings are just one example of several troubling trends that are making owning Living Benefits more important than ever to the average American family .
The writing on the wall is clear : GoFundMe is not a reliable safety net for Americans to bridge the financial gap in case of a health emergency . As the study put it directly in its conclusion , “ Despite its popularity and portrayals as an ad-hoc safety net , medical crowdfunding is misaligned with key indicators of health financing needs in the United States .”
Helpful takeaways ?
As life insurance professionals , we all have a much better , more reliable solution – one that has the potential to deliver hundreds of thousands of dollars into our clients hands when they need it most and doesn ’ t cost a dime to add to their coverage plans . Put simply : if you ’ re not offering Living Benefits ( otherwise known as “ accelerated benefit riders ”) to your clients as part of their life insurance coverage and taking the time to underscore their value and importance in today ’ s landscape , you ’ re missing the boat .
Talking points
“ Mrs . Client , if life throws you and your family a curveball in the form of an unexpected medical event , like a heart attack , stroke , bad car accident , or something like that , I don ’ t want you to be in the position of relying on donations to a GoFundMe campaign to make sure your family remains financially whole . That ’ s why the policy I ’ m recommending includes these free Living Benefits riders for terminal , chronic , and critical illness , as well as critical injury . If you ’ re struck with any of the triggering conditions , you ’ ll be granted the ability to accelerate your policy ’ s death benefit while you ’ re still alive . This will put a big check in your hands that will help you pay for any medical expenses you may incur , choose the very best treatment options without worrying about what your health insurance may or may not cover , take all the time you need off work to recover without having to rush back before you ’ re ready , and in general take all of your financial worries off your mind in that difficult time .”
GoFundYourself
The phrase “ GoFundYourself ” was coined as a way of explaining the dangers of relying on GoFundMe as a resource for funding medical expenses . The concept resonated with our clients and prospects , and we think you ’ ll find it will with yours , as well .
GoFundMe ’ s shortcomings are just one example of several troubling trends that are making owning Living Benefits more important than ever to the average American family . With medical costs continuing to skyrocket , the healthcare system struggling , and inflation on the rise , folks are in need of a place they know they can turn to to get money into their hands when they find themselves in an emergency medical situation . Living Benefits fills that gap and provides that solution as part of their life insurance coverage . It ’ s modern coverage that solves modern problems that are plaguing America today .
If you ’ re not yet offering free Living Benefits with every policy you illustrate for your clients , you may be putting them at unnecessary risk for financial turmoil , while also missing out on a great value add for the solutions you ’ re providing . The good news is , it ’ s never too late to start !
Samuel Howe serves as Chief Marketing Officer for Alliance Group , an Atlanta-based IMO , specializing in Living Benefits life insurance . Alliance Group creates and provides in-house training and marketing platforms for agency partners ; spreading the word about Living Benefits . samuel @ alliancegrouplife . com
Source : Nora Kenworthy and Mark Igra , 2022 : Medical Crowdfunding and Disparities in Health Care Access in the United States , 2016 – 2020 American Journal of Public Health 112 , 491 _ 498 , https :// doi . org / 10.2105 / AJPH . 2021.306617 www . nailba . org 31