The policy details make the difference.
“Living benefits” is a broad term. Qualifying conditions, eligibility, benefit calculations, and charges depend on the specific policy or rider. Availability also varies by state and carrier.
Know what changes when a benefit is used.
Accessing an accelerated death benefit generally reduces the amount remaining for beneficiaries. Ask how an acceleration would affect your death benefit, policy values, and continuing coverage. Review the actual policy and rider, rather than relying on a general illustration.
Questions to ask before choosing
- Which conditions qualify, and how are they defined?
- Are there waiting periods, additional costs, or benefit limits?
- How much of the death benefit could be accessed?
- How would a claim affect the rest of my coverage?
For questions about tax treatment or public benefits, consult an appropriately qualified professional about your circumstances.