Guides Living Benefit

Living Benefit | Life Insurance Glossary

If you have a life insurance policy, you might be able to collect early, or �accelerate� your death benefit if you have an accelerated benefits rider or if you have it built into your policy. An accelerated benefit is also called a living benefit and is intended to help pay for medical bills when you are terminally ill. Many living benefit provisions require a doctor to state that you will die within a time frame detailed in the policy. The provision might also limit the amount of money you can take out of the policy. A living benefit is sometimes called a living need.