What are living benefits?

Many people are surprised to learn that some life insurance policies aren't designed to benefit only the people you leave behind. Depending on the policy and available riders, you may be able to access a portion of our death benefit while you're still living if you experience certain qualifying medical conditions.

These are commonly referred to as living benefits or accelerated death benefits.

Every policy is different, living benefits may be available if you're diagnosed with a qualifying terminal illness, chronic illness, or critical illness. The amount available and the requirements for accessing those benefits depend on the policy and insurance company.

The purpose of living benefits is to provide financial flexibility during one of life's most difficult times. The money can often be used however you choose, whether it's to help cover medical expenses, replacing lost income, paying household bills, modifying your home, hiring caregivers, or simply giving your family one less financial burden to worry about.

Some things to consider:
*Does your current life insurance policy include living benefits?
*It it does, do you understand when and how to use these benefits can be accessed?
*Would having access to part of your death benefit provide financial relief during a serious illness?
*Have you reviewed what illness or medical conditions qualify under your policy?

One of the biggest misconceptions is that every life insurance policy automatically includes living benefits Some do, some don't, and the available benefits can vary significantly from one company to the next. Understanding what your policy includes before you ever need to use it can help prevent surprises later.