![]() Long-term care: This rider allows you to access living benefits if you need to pay for long-term care services and you can’t perform at least two of the activities defined under ADL guidelines. 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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