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Unless you are well versed in life insurance terminology, accelerated death benefits may not be a phrase you have ever heard. While we all know that whole life and universal life will have a future cash value that we can draw upon while we are still alive, many people aren’t aware of the fact that there is a certain type of coverage that can be drawn upon should we become terminally ill and in need of the benefits to cover medical and/or long term care bills.

Often times this accelerated death provision is called a ‘living benefit.’ The United States Department of Health and Human Services states that these benefits can be used if the insured is diagnosed with an illness or disease that is likely to result in death within a certain period of time. Most often, this period is 24 months. Also, benefits may come be paid if the insured is to be permanently confined to a hospice or nursing home. And, if the insured is unable to care for themselves, called the ‘activities of daily living,’ then the benefits may kick in.

While it isn’t necessary to carry this coverage on a term life insurance policy, many times the option is available. In fact, there are certain advantages that should be considered prior to taking out a life insurance policy. Before signing the binder, discuss with your insurance agent if it is possible to add a rider at some future time that provides for accelerated death benefits. Some companies allow for riders to be added at some later point in time without the need of additional medical examinations. A rider is an added provision that either adds coverages or restricts them, but will almost always affect the premiums to be paid.

Adding accelerated death benefits to a term life insurance policy will most assuredly affect the amount of premiums due, causing them to be higher, but the benefits are invaluable should catastrophic disability or terminal illness occur. Should the insured’s inability to cover those exorbitant medical and/or long term care expenses, living benefits could offer the loved ones some financial relief. Whether shopping for life insurance online or from a local insurance agent, talk about adding living benefits now or in the future. Make certain that your underwriter allows for the option to add this rider should you decide on this coverage in the future. It’s just one less thing you need to worry about when providing for the future of those you love.

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