What are living benefits?
A living benefit on a life insurance policy is an option added to the life insurance contract which enables the policy owner to apply for an advanced payment on the death benefit during the lifetime of the insured. This option generally becomes available if the insured is diagnosed with terminal illness or other severe medical conditions that limit life expectancy to under 24 months. The amount paid under the living benefit rider is typically between 25-100% of the policy’s death benefit and any benefit remaining at the time of death would then be granted to the policy beneficiaries less any life insurance company fees for the advanced payment.
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