Insurance Glossary

Living Benefit

Life

Definition

A life insurance policy feature that allows the policyholder to access a portion of the death benefit while still alive, typically in cases of terminal illness or chronic conditions.

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Related Terms

Death Benefit
The amount paid to beneficiaries upon the death of the insured under a life insurance policy.
Accelerated Death Benefit
A provision that allows terminally ill policyholders to receive a portion of their life insurance death benefit before death to help cover medical or end-of-life expenses.
Beneficiary
The person or entity designated to receive the benefits or proceeds from an insurance policy.
Term Life Insurance
Life insurance coverage for a specified period of time, providing a death benefit if the insured dies during the term.
Whole Life Insurance
Permanent life insurance that provides coverage for the insured's entire lifetime and includes a cash value component.
Annuity
A financial product that provides regular payments to an individual, typically used for retirement income.
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