Provides a loan secured by the death benefit while the insured person is terminally ill or meets certain other conditions. The owner must furnish medical proof of the terminal illness or other condition.
An optional policy provision that provides proceeds or the benefit before the insured's death. These cash advances on policy benefits are usually triggered by long-term, catastrophic or terminal illness. Also known as Living Benefits.
Provides for the payment of a portion of a terminally ill memberâ€(tm)s life insurance proceed. To be eligible to receive the benefit, the member must be diagnosed as being terminally ill with a life expectancy of less than 12 months. The maximum benefit is 75 percent of the memberâ€(tm)s existing life insurance. This does not apply to term insurance.