Living Benefits are an insurance option where policy holders may access benefits...
These are benefits available to owners of life insurance policies while the insured is still alive. Living benefits include policy loans, the right to make collateral assignments, and, in some cases, the right to take benefits in the event of the insured's terminal illness.
See accelerated benefits.----------[ Back
The benefits paid by life insurance companies, primarily to policyowners, in several situations when no death has occurred.
The benefits of a life insurance policy that are available while the insured is still living. These include: Cash Surrender Value, Policy Loans, and Waiver of Premium.
(See Accelerated Death Benefits.)
Basic insurance benefits (full or partial) paid to you while you are still living, rather than paid to a beneficiary when you die. You must be terminally ill, with a life expectancy of 9 months or less, to qualify for a living benefit.
Benefits available to owners of life insurance contracts while the insured is still living. This term may refer to the availability of policy loans and collateral assignments, but it is typically used to refer to advances on policy proceeds taken in the case of terminal illness. Also known as Accelerated Death Benefit.
Another name for accelerated death benefits.
A life insurance policy rider which allows the insured to receive all or part of the policy's death benefit before the insured's death if certain conditions are met. This type of provision is often used to help an insured pay health care costs if he or she becomes terminally ill. See also, "accelerated benefits."
in the case of a terminal illness, the proceeds of a life insurance policy are paid to offset medical expenses prior to the death of the insured.