Living benefits

(redirected from Accelerated Benefits)

Living benefits

Life insurance benefits from which the insured can draw cash while still living, usually in the case of some high-cost illness.

Living Benefits

In life insurance, all or a portion of the death benefit that the policyholder may receive prior to death. The policyholder usually elects to receive living benefits during a terminal or catastrophic illness, especially one where health insurance does not cover all the bills. They are also called accelerated benefits. See also: Viatical settlement.
References in periodicals archive ?
Medical bridge plans cover some but not all of the employees' expenses incurred under a standard medical plan thus reducing employees out of pocket costs for high deductible plans," says Tom Wagoner, president of Accelerated Benefits in Columbus, Ohio.
Accelerated benefits on the group side are generally 50% or more of the face amount, according to Bob Patience, vice president of voluntary benefits in Prudential's group insurance unit.
Lincoln LifeReserve IUL Accumulator is now also available with Lincoln's recently introduced Lincoln LifeEnhanceaa Accelerated Benefits Rider for clients concerned about unexpected permanent chronic or terminal illness expenses[sup.
And the accelerated benefits to pay for long term care provides extra protection.
One question on the docket is whether veterans should be able to get accelerated benefits for education--more upfront payments for tuition instead of a monthly allocation--outside of short-term high tech programs.
With coaching now established within Virgin Active, more people will be able to take advantage of the accelerated benefits that coaching can bring -and tap into one of the business world's closest kept secrets.
However, accelerated benefits paid to terminally ill individuals have been subject to tax to the extent that the amount received has exceeded the taxpayer's investment in the policy.
At the same time, lobbyists for the terminally ill are petitioning the IRS to make income derived from accelerated benefits, reverse mortgages and sales of insurance policies tax-exempt.
For example, the following categories of events have served as functional triggers of accelerated benefits, resulting in payment under the terms of the policy.
For accelerated benefits, the triggers traditionally used have been the following:
The company's LifeAccess Accelerated Benefits Rider([R]), for example, helps protect against the cost of becoming chronically ill.
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