Living Benefits of Life Insurance— Here’s What Everything You Need To Know!

The living benefits of life insurance are features that add more value to the standard life insurance policies. While standard life insurance helps a survivor’s finances after the beneficiary’s death, the living benefits provide financial assistance to the beneficiaries themselves during their lifetime.

Living Benefits of Life Insurance [Photo: atlanticlifeagency.com]

Critical Illness

One of the living benefits of life insurance that a beneficiary can access is the critical illness type which is usually paid for medical expenses. This suggests that these benefits can be used if the beneficiary is diagnosed with a critical illness such as heart attack, stroke, cancer, or other life-threatening conditions.

Chronic Illness

According to Kane, other living benefits of life insurance that can be accessed is the chronic illness type which is granted if a beneficiary cannot perform basic daily activities due to chronic illness or even aging. Further reports say the activities include eating, taking a bath, dressing up, using the restroom, or even moving in or out of a chair or bed.

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Terminal Illness

According to Horvath, other living benefits of life insurance that can be accessed is the terminal illness type which is granted to a beneficiary with with universal life insurance or other forms of coverage. In addition, a beneficiary is eligible for these benefits if they are diagnosed with an illness that will most likely result in death within six months to one year.

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