Many life insurance policies offer living benefits, also known as accelerated benefits, which allow you to access a portion of your death benefit while you're still alive. These benefits can be used to help with:
Terminal Illness: If you're diagnosed with a terminal illness, you can access a portion of your death benefit to help with medical expenses, hospice care, or other needs.
Chronic Illness: Some policies allow you to access benefits if you're unable to perform daily living activities, such as bathing, dressing, or eating.
Critical Illness: If you're diagnosed with a critical illness, like cancer, heart attack, or stroke, you can access benefits to help with medical expenses or other needs.
Long-Term Care: Some policies offer benefits to help with long-term care expenses, such as nursing home care or home health care.
Living benefits can help alleviate financial burdens and allow you to focus on your health and well-being. However, it's essential to note that:
Accessing living benefits will reduce your death benefit
Not all policies offer living benefits, so be sure to check your policy details
Eligibility and benefits vary by policy and insurance company
Consult with your insurance provider or a licensed insurance professional to understand the living benefits available in your policy.
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