Living benefits

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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 ?
However, as much as the guaranteed living benefit (GLB) story may still resonate with VA buyers, the bulk of today's optional income and withdrawal guarantees come with higher fees, tighter investment restrictions and greater complexity relative to the GLB riders of years past, factors that appear to be curbing GLB sales.
The living benefit evolution continued through the 2000s, until the 2008 market crisis.
Further, a term policy with a living benefit rider can help mitigate the need for a plethora of other products that may be unaffordable for a particular insured person, such as disability insurance, critical illness coverage and long-term care insurance.
National Western Life and iPipeline announce the availability of the new NWL Living Benefit Term product on iGO e-App.
The thought of the transgender community is leave the disability living benefit alone.
1 Boomer Market Advisor: There was significant concern about the over-extension of the annuity industry with their living benefit offerings.
That's the reason why there's been a "bump in income annuities and the SMAs with living benefit riders and VAs with living benefits--we're seeing more interest in guarantees than ever before.
The additional expenses of these living benefit riders are costs only if they do not provide quantifiable future value.
By viewing a life insurance policy as a current asset, the insured can now access funds - the death benefits - virtually immediately as a living benefit.
3 on BE's top 15 black-owned insurance companies list) offers a Living Benefit Rider, also known as an Accelerated Benefit Rider.
With the phase-out of defined benefit plans and the growing volatility of the stock market, a variable annuity with a living benefit can help investors who max out on their qualified retirement plans to not only secure guaranteed retirement income, but also lock in potential market gains," said Steve Deschenes, Senior Vice President and General Manager of the firm's Retirement Income Solutions division.