Additional Death Benefit

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Additional Death Benefit

In some life insurance policies, an extra benefit the beneficiaries of the policy receive upon the death of the policyholder, provided one's death occurs under certain, defined circumstances. For example, a policy may pay an additional death benefit if the policyholder dies before his/her retirement. The amount of the additional death benefit and the circumstances under which it is paid are defined in the policy.
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While most IOVAs offer a standard death benefit (a return of account value), optional additional death benefits have manifested in several different forms, including a popular return of premium benefit that offers a lower-cost option.
They like the aspect that they can accumulate cash values or provide additional death benefits for their families in lieu of long-term care benefits, should they not use them.
Adding a guaranteed purchase option will assure that in future years the child can purchase additional death benefits without evidence of insurability (see discussion on page 440).
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