Living benefits

(redirected from Living Benefit)

Living benefits

Life insurance benefits from which the insured can draw cash while still living, usually in the case of some high-cost illness.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
References in periodicals archive ?
The living benefit allows the insured to access a portion of the death benefits, usually in cash, while the insured is still alive.
Hama Countryside, Syria, Safar 02, 1440, October 11, 2018, SPA -- SPA --King Salman Humanitarian Aid and Relief Center (KSRelief) yesterday handed over living benefits to 150 orphans in a number of Syrian Regions, as part of an orphan living benefit project being provided by the center for 500 orphans in Syria.
The solutions available through AIG's Life Insurance business include products for consumers who may need increased supplemental income in retirement, as well as life insurance policies with integrated or available living benefit riders for chronic illness.
Of the said amount, P1.5 billion were for death and living benefit claims arising from individual life policies while P2.1 billion were payments for matured individual life insurance policies.
The rider, available with most Transamerica variable annuities, changes to the optional living benefit include increasing the compounding growth rate to an industry leading 7.2 percent, presenting the opportunity to double the withdrawal base in living benefit years, if no withdrawals are taken during that time.
In an attempt to further reduce the risk of a living benefit, most insurance companies have introduced -- and often require -- volatility-managed investment options.
* Optional living benefit -- For an additional cost, clients can add a living benefit option for guaranteed lifetime income without giving up control of their assets.
"A slight majority of annuity products are now bought with some sort of living benefit which allows clients to annuitize their contracts and convert their assets into an income stream."
They also provide lifetime income that can be guaranteed to rise for up to 10 contract years through the Lifetime Income Plus guaranteed living benefit rider.
LINCOLN FINANCIAL GROUP announced with its third-quarter earnings that is has entered into a $4 billion reinsurance treaty covering new sales of its variable annuity guaranteed living benefit product.
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.