![]() Examples include heart attack, stroke and kidney failure. These are bathing, eating, getting dressed, toileting, transferring and continence.Ĭritical illness: You can also access living benefits with a critical illness rider, covering qualifying illnesses that shorten life expectancy and have high medical costs. Often, a terminal illness rider is automatically included in the policy without extra cost, but you should check with your insurer to find out.Ĭhronic illness: This rider applies if you’re diagnosed with a chronic illness that prevents you from performing at least two of the six “activities of daily living” (ADLs). Terminal illness: If you are given a terminal diagnosis with a life expectancy of six months to two years (exact timeline depends on the insurer), you can use this rider to cover end-of-life care and other associated expenses. The trade-off is that accessing living benefits reduces the death benefit available to your beneficiaries when you die.Įxamples of common living benefits include: ![]() These funds can be used to pay for expenses associated with terminal or chronic illness, such as medical care, hospice or nursing home care, in-home caretakers and more. Living benefits essentially allow the insured to access money from the policy’s death benefit while they’re still alive. ![]() Sometimes they’re also known as accelerated death benefits and are available on both term life insurance and permanent life insurance policies. ![]() Living benefits come in the form of life insurance riders attached to a life insurance policy. ![]()
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