You probably think of life insurance as a tool to protect your loved ones if you pass away, but do you know that certain modern life insurance policies offer riders that can provide a financial resource if you experience a qualifying terminal, chronic or critical illness?
Accelerated Benefit Riders are optional, no-additional cost riders that can allow you to access all or part of your death benefit, while living, if you experience a qualifying terminal, chronic, or critical illness, or critical injury. The use of the benefit is unrestricted with the exception that ABR proceeds for chronic illness, and can only be used to pay for expenses incurred for Qualified Long-Term Care services.
Since the benefit is unrestricted, once you qualify, you can use the benefit for any reason.
Benefits might be used for, but are not limited to:
The most common types of living benefits are:
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