Living Benefits Rider

Living Benefits Rider living benefits rider is an optional add-on to a life insurance policy that allows the policy owner to access a portion of the death benefit while they are still alive. This can be helpful if the policy owner needs money for medical expenses, long-term care, or other financial needs. A living benefit ride provides additional coverage on your basic life insurance policy that provides supplementary benefits and protection to you, sometimes at an extra cost. For example, if you're terminally ill, an accelerated death benefit rider may pay out a portion of your death benefit while you're still alive. There are two main types of living benefits riders: Terminal illness riders allow the policy owner to access a portion of the death benefit if they are diagnosed with a terminal illness that is expected to result in death within a certain period of time. The amount of money that can be accessed and the length of time that the policy owner has to live vary depending on the specific rider. Chronic illness riders allow the policy owner to access a portion of the death benefit if they are diagnosed with a chronic illness that significantly impairs their ability to perform activities of daily living. The amount of money that can be accessed and the specific conditions that qualify for benefits vary depending on the specific rider. Remember not all riders are the same it’s important to understand how they work, and if their cost makes them worthwhile to you. #benewinsurance #insurtech #inclusiveinsurance #insurance #reinsurance #takaful