Are Life Insurance Living Benefits Worth the Added Cost?
Although Most people consider the purchase of life insurance to be for the purpose of protecting their survivors, today’s policies can provide insureds with benefits that can help them out financially while they’re still living.
These “living benefits” – also known as accelerated death benefits – can provide policy holders with another avenue for paying down medical bills, reducing debt, or even taking a vacation, without dipping into savings or other assets. And, in some cases, they may be the only viable option that’s open to them.
What Types of Benefits Can You Get?
There are different types of living benefits available – and each of these will usually require different factors, or “triggering events,” from the insured in order to qualify.
Some of the more common types of living benefits include: