Life Insurance with Living Benefits
Life insurance policies with specialty benefits offer additional features beyond the standard death benefit, providing policyholders with enhanced financial protection and flexibility. These benefits may include accelerated death benefits, also known as Living benefits.
Living benefits enable policyholders to receive a portion of the death benefit while still alive, typically upon diagnosis of a critical, chronic, or terminal illness. This provision can help cover medical expenses, hospice care, or other costs associated with the illness, alleviating financial stress during a challenging time. It’s important to understand the terms and conditions of this benefit, as accessing it may reduce the overall death benefit available to beneficiaries.