These could include long-term care riders, accelerated benefit
riders or waiver of premium riders.
The no-cost accelerated benefit
payout is based on a formula linked to the death benefit or net amount at risk, which applies a factor that can vary based on the insured person's age at the time of claim.
For example, under some policies accelerated benefit
payments may be made for care in the insured's own home rather than a convalescent facility.
"High Profile," "The Cadillac Plan.
The end-to-end breadth of Dell's solutions approach brings accelerated benefit
to Jenkon's IT environment, benefitting their customers and their business overall.
However, I have found that serving the needs of the surviving spouse provides tremendous peace of mind for my clients, and by using accelerated benefit
riders I can help supplement long-term care needs as well.
The concept is simple: those who need to access policy benefits to cover costs of care for a condition such as Alzheimer's can use the accelerated benefit
feature to do so.
NWL Living Benefit Term provides life insurance protection in the event of death, plus provides an accelerated benefit
for protection from unexpected events that may adversely affect a client's life expectancy.
The annuity portion of the benefits, which is exempt from Section 417 requirements, would be treated separately from the lump sum or accelerated benefit
, which would remain subject to the minimum present value requirements.
The accelerated benefit
, whether paid from the net amount at risk or from the rider providing separate LTC coverage, will be entitled to favorable tax treatment provided the contract is a "qualified long-term care insurance contract" (QLTCI).
If long-term care is needed, an accelerated benefit
rider can be used to access the initial premium deposit.
Accordingly, the type of individual who would most benefit from taking an accelerated benefit
or a viatical settlement is a financially independent person without a financially dependent spouse or children who is unable to work and who has no long-term care or disability insurance.