Maintain Quality of Life
Use life insurance during your lifetime with living benefits.
We often live as if there is nothing that can harm us—that we will continue to carry on with our life as we know it well into the future. We never stop to think about what would happen if a debilitating accident or chronic illness would occur.
How Living Benefits Work
Accelerated death benefit riders (ADBRs) allow you to receive an advance on your death benefit for select medical reasons, including:
- Terminal illness, with death expected within a specified period;
- Chronic illness, as specified in the life insurance policy; or
- A specific medical condition, as listed in the rider.1
ADBRs can help provide peace of mind for you and your family if you become seriously ill, and help to offset costs associated with illness or long-term care.
Use Living Benefits to Offset Many Expenses
While many people use living benefits to help offset the financial costs associated with an illness, generally, there are no restrictions on how your ABDR is used. For example, you could use it to pay for hospital bills, medications and treatments... or help fund education expenses and pay household bills. However, it's always a good idea to check with your insurance company for details on how you can use any living benefits rider.
Living benefits riders are often a standard feature that are built into a life insurance policy; however, some companies may require an additional premium for the coverage. Talk to a financial professional to see what type of living benefit riders may be available on your insurance coverage.
Living benefits are not intended to replace health insurance or long-term care insurance—but they can provide extra help with needs that result from terminal or long-term illnesses.