Protection you may be able to use while living
A serious illness can affect more than your health. Time away from work, everyday expenses, and added care needs can place pressure on the savings your family worked hard to build.
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Health insurance is designed primarily to help pay eligible medical costs. It may not replace lost income or cover the mortgage, groceries, transportation, childcare, and other household expenses that continue during recovery.
Some life insurance policies include accelerated death benefit riders. If the insured person experiences a qualifying terminal, chronic, or critical illness, an eligible claim may provide access to part of the policy’s death benefit while the insured is living.
Depending on the policy and the claim, proceeds may help with household bills, care-related costs, income interruption, debt payments, or other needs. Benefits are not restricted to medical bills unless the policy contract says otherwise.
Qualifying conditions, waiting periods, benefit calculations, charges, maximums, and availability vary. Receiving an accelerated benefit reduces the death benefit remaining for beneficiaries and may affect taxes or eligibility for public assistance.
A thoughtful review can compare your emergency savings, disability coverage, health insurance, existing life insurance, family obligations, and budget to identify potential gaps.
Living benefits are provided through accelerated death benefit riders and are subject to policy definitions, eligibility requirements, limitations, and state availability. They are not health, disability, or long-term-care insurance. Benefits may reduce the policy’s death benefit and cash value.
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Let’s review the protection you already have and explore whether living-benefit coverage may fit your needs.
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