Living 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 ?
3 billion as of June 30, 2009, and the total election rate for optional living benefits on Prudential's variable annuity sales was 94 percent at the end of the second quarter - up from 85 percent in the first three months of the year.
Of these so-called living benefits, guaranteed lifetime withdrawal benefits are most popular, with a 60 percent election rate on new VA contracts, he notes.
The creation of living benefits available on new variable annuities has driven sales and policy-replacement activity over the past two or three years, said Michael DeGeorge, general counsel at NAVA.
For this year's study, DSG significantly expanded the research to broaden the product coverage, with particular focus on products and solutions that are gaining ground in the retirement income market, such as guaranteed living benefits.
Even on an aided basis, women appear to be predominantly unfamiliar with all of the living benefits of life insurance.
Bills, an advisor for National Planning in Salt Lake City, Utah, was singing the praises of VAs for the living benefits that afford contract-holders downside protection.
Consulting and actuarial firm Milliman has reported that guaranteed living benefits continue to drive sales of variable annuities.
Investors seeking to learn more about guaranteeing their retirement income now have a new online resource that helps demystify today's generation of variable annuities and for-fee optional living benefits, Prudential Annuities announced today.
and focus on underwriting, sales and service of individual and group income replacement products -- known as living benefits -- targeted at Canadian individuals and corporate customers through multiple distribution channels.
Prudential Annuities(SM)announced today that for the fourth consecutive year, one of its variable annuity optional living benefits has won a Boomer Market Advisor Readers Choice Award .