Living Benefits with Life Insurance
Life insurance with living benefits, also known as living benefits life insurance or accelerated death benefits, is a type of life insurance policy that provides additional benefits beyond the traditional death benefit. These additional benefits are designed to provide financial support to policyholders during their lifetime in certain situations of illness or injury. Here are some common living benefits included in these types of policies:
- Critical Illness Benefit: This benefit allows policyholders to receive a portion of their death benefit if they are diagnosed with a critical illness covered by the policy, such as cancer, heart attack, stroke, or organ failure. The funds can be used to cover medical expenses, treatment costs, or other financial obligations.
- Chronic Illness Benefit: Policyholders who are unable to perform two or more activities of daily living or require substantial assistance due to a chronic illness covered by the policy may be eligible to receive a portion of their death benefit to help cover long-term care expenses or other needs.
- Terminal Illness Benefit: This benefit provides an advance payment of a portion of the death benefit if the policyholder is diagnosed with a terminal illness and has a life expectancy of typically 12 to 24 months. The funds can be used to cover medical expenses, hospice care, or to fulfill end-of-life wishes.
- Long-Term Care Benefit: Some life insurance policies offer an optional rider or benefit that allows policyholders to access a portion of their death benefit to cover long-term care expenses, such as nursing home care, assisted living facilities, or in-home care services.
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How to Get Living Benefits with Life Insurance
If you’re in need of a Living Benefits with Life Insurance policy, we’re here to help. Give Client Benefit Insurance Services, Inc. a call or request a quote online to get started.