Accelerated Benefits refer to a provision in an insurance policy that allows policyholders to receive a portion of their death benefit while they are still alive if they meet certain qualifying conditions. These benefits are typically offered in life insurance policies and are designed to provide financial assistance to policyholders who are diagnosed with a terminal illness or a specified critical illness. By accessing a portion of the death benefit early, policyholders can use the funds to cover medical expenses, pay off debts, or fulfill other financial obligations. The amount received is deducted from the total death benefit, and the remaining balance is paid out to the policyholder’s beneficiaries upon their death. Accelerated Benefits can provide policyholders with peace of mind and financial support during challenging times.
Accelerated benefits refer to a provision in an insurance policy that allows policyholders to receive a portion of their death benefit before they pass away if they meet certain criteria. These benefits are typically offered in life insurance policies and are designed to provide financial assistance to policyholders who are diagnosed with a terminal illness or have a specified life expectancy. The purpose of accelerated benefits is to help policyholders cover medical expenses, long-term care costs, or other financial obligations during their lifetime. The specific conditions and terms for receiving accelerated benefits vary depending on the insurance policy and the insurance company. It is important for policyholders to carefully review their policy documents and consult with their insurance provider to understand the eligibility requirements and potential impact on the death benefit.
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This glossary post was last updated: 29th March 2024.
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